CA Home Sales Reach Highest Level In Years

CALIFORNIA — Home sales in the Golden State reached their highest level in years in February, according to a recent report from the California Association of Realtors.

Closed escrow sales of existing single-family detached homes had a seasonally adjusted annualized rate of 283,540 in February, up 11.6 percent from January and up 2.6 percent year over year, according to the association. The number was the highest the state had seen since October 2022.

“California home sales rebounded strongly in February after a sluggish start to the year, supported by increased buyer activity and more available homes on the market,” association President Heather Ozur said in a news release.

“Lower borrowing costs made homeownership more accessible to buyers who were previously sidelined by affordability challenges, while the rise in available inventory will help ease some of the competitive pressures that have defined the market in recent years and set a positive tone for the market for the rest of the year.”

Total active listings in February grew at the fastest pace in two years, according to the association, and the median home price for the month was $829,060. The 30-year, fixed-mortgage interest rate averaged 6.84 percent, up from 6.78 percent a year earlier, according to the association’s calculations based on Freddie Mac’s weekly mortgage survey data.