California's homebuying market has significantly slowed, with February 2024 seeing only 22,002 residences sold, marking one of the slowest weeks on record. The total home sales count for the year ending February 2024 stands at 322,813, down 40% over three years and lower than during the Great Recession. Despite rising mortgage rates leading to decreased purchases, home prices continue to climb, with a median sales price of $740,000 in February, just 1% below the all-time high. This situation illustrates a severe affordability crisis as buyers struggle with financial pressures from high rates.
In February, 22,002 California residences were bought, marking the third-slowest February on record and significantly below the 20-year average.
The deep reluctance to buy can be seen in the rolling 12-month count of home sales, down 40% in three years, and 27% less than the two-decade average.
Home buying today is less than half of the historic sales peak, highlighting the impact of rising mortgage rates on the housing market.
Despite high mortgage rates, the median sales price in February was $740,000, indicating that affordability remains a significant issue for buyers.
Collection
[
|
...
]