California Home Sales and Prices Continue to Climb
Existing, single-family home sales in California totaled 422,910 in February on a seasonally adjusted annualized rate, up 3.3 percent from January and up 5.4 percent from February 2017, according to new data from the California Association of Realtors (CAR).
On a regionwide basis, the San Francisco Bay Area posted the largest sales gain with a 7.1 percent year-over-year upswing, with increased sales in eight of nine Bay Area counties. In comparison, the Los Angeles metro region saw a 2.5 percent annual sales drop while the Inland Empire housing market saw sales fall by 1.2 percent.
Last month’s statewide median home price was $522,440, a 1 percent dip from January but an 8.8 percent hike from one year earlier. The Bay Area led the state with the regional median price increasing 13.9 percent over last year, with five counties hit new median price peaks: San Francisco ($1.73 million), San Mateo ($1.61 million), Santa Clara ($1.38 million), Marin ($1.37 million), and Sonoma ($689,000).
“February’s solid market performance was likely fueled by rising interest rates, which motivated buyers to rush in and close escrow before rates move even higher as they’re anticipated to do in the coming months,” said CAR President Steve White. “Despite losing ground in January, February’s strong sales gain more than covered the loss, resulting in a 1.1 percent increase so far this year.”