CA Home Sales Down 10% Due To Mortgage Rates, Wildfires

CALIFORNIA — Home sales in California dropped 10 percent in January to their lowest level in over a year, according to the California Association of Realtors.

Sales of existing single-family detached homes in the state had a seasonally adjusted annualized rate of 254,110 in January, compared to 282,490 in December and 259,160 a year ago, the association reported last week.

January’s sales level was the lowest the state had seen in 13 months and represented the biggest month-to-month decline in 30 months, according to the association.

“Home sales slowed last month, impacted by high mortgage rates and the devastating wildfires in Southern California,” association President Heather Ozur said in a news release.

The 30-year, fixed-mortgage interest rate averaged 6.96 percent in January, up from 6.64 percent a year ago, according to the association’s calculations based on Freddie Mac’s weekly mortgage survey data.

The statewide median home price was down in January at $838,850, compared to $861,020 in December, the association reported, although it was 6.3 percent higher than in January 2024.