California closed 2024 with the largest year-over-year spike in home sales since June 2021, according to data released by the California Association of Realtors (CAR).
Last month, California recorded a seasonally adjusted annualized rate of 268,180 closed escrow sales of existing, single-family detached homes, just slightly higher from November’s total of 267,800 homes sold but also 19.8% higher from the revised figure of 223,940 homes sold in December 2023. Nonetheless, CAR observed that sales of existing single-family homes remained below the pre-Covid norm of 400,000 units.
The December statewide median price of $861,020 was up by 1% from November’s price of $852,880 and up 5% from the revised figure of $819,820 from one year earlier. December marked the 18th straight month of year-over-year price acceleration.
The year-over-year growth in sales for the $1 million-and-higher price segment was up 28.7% from one year before while sales in the sub-$500,000 market dipped by 0.4%.
“As projected, both sales and price activity were up modestly in 2024 as California wrapped up the year with a double-digit sales gain over last December,” said CAR Senior Vice President and Chief Economist Jordan Levine. “While the housing market is expected to improve further in 2025, stickier-than-expected inflation, the ongoing insurance crisis, and policy changes under the new White House administration are some of the hurdles that could present challenges for the market in the upcoming year.”
