Existing single-family home sales in California during February totaled 283,540 on a seasonally adjusted annualized rate, an 11.6% spike from the 254,110 transactions in January and a 2.6% bump-up from the 276,280 sales in February 2024.
According to the California Association of Realtors (CAR), last month’s sales level was the highest since October 2022 – although sales have also remained below the 300,000 mark since September 2022. Total active listings in February grew at the fastest pace in two years, reaching a four-month high and recording the 13th consecutive month of annual gains in housing supply. The median number of days it took to sell a California single-family home was 26 days in February, up from 22 days one year earlier.
At the same time, the statewide median home price of $829,060 represented a 1.2% drop from January’s $838,850 price – but it was also a 2.8% uptick from $806,480 in February 2024. While this marked the 20th straight month for an annual gain, it was also the smallest recorded since July 2023.
“The moderation in mortgage rates that began at the start of the year, coupled with a noticeable increase in homes for sale last month, provided a much-needed boost to California’s housing market in February,” said CAR Senior Vice President and Chief Economist Jordan Levine. “Although sales are still below historical averages, this increase marks an encouraging shift in the market. Despite ongoing economic and policy uncertainties, mortgage rates are expected to stabilize later this year. As a result, the housing market is likely to see continued improvement through the second and third quarters of 2025.”
