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.
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.
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