In February, California home sales increased 12.8% month-over-month and 1.3% year-over-year, with the median home price rising 9.7% to $806,49
California home sales remained resilient in February despite rising mortgage interest rates, with a statewide annualized sales rate reaching 290,020, up 12.8% from January and 1.3% from February 2023. The median home price in California rose 9.7% year-over-year to $806,490, marking the eighth consecutive month of annual price increases. Sales of high-end homes priced at or above $1 million have held up better than more affordable options, with the high-end market segment continuing to grow year-over-year by double digits. Tight inventory conditions are expected to keep the market highly competitive and provide support for prices.
March 19, 2024
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