"The homebuying pace in California remains below the Great Recession's bottom, with February 2024 recording 22,002 sales, the third-slowest on record."
"Despite the Federal Reserveâs interest rate hikes, home prices have continued to rise in California, with the median sales price up 12% over the past three years."
California's homebuying activity remains subdued, with February 2024 sales at 22,002, marking a 24% drop from the 20-year average. The home sales count has declined over the years, with current sales at 322,813â40% less than three years ago and 27% below the historical average. Rising mortgage rates since early 2022 have not deterred home prices, which continue to rise, with the median price reaching $740,000 in February 2024, just below the all-time high. Ultimately, the housing market reflects a complex interplay of slowing sales and persistent price increases, highlighting ongoing affordability concerns.
Read at The Mercury News
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