Dwelling gross sales in California grew by double digits for the second straight month in February as consumers took benefit of falling mortgage charges, in accordance with knowledge launched this week by the California Affiliation of Realtors.
The sale of single-family properties statewide climbed 12.8% in February after January noticed gross sales up practically 15% over the prior month.
Median costs have been additionally increased in each area.
The San Francisco Bay Space, with the state’s highest median house worth of $1,256,000, noticed gross sales and costs climb by double digits month over month and 12 months over 12 months, in accordance with CAR.
Southern California, the place the median single-family house is $825,000, noticed costs climb by a modest 5% final month and practically 11% over February of final 12 months.
That is California’s most reasonably priced coastal county
“Dwelling gross sales are literally rising all through the US, and it has lots to do with decrease rates of interest at the start of the 12 months,” Oscar Wei, the Affiliation’s deputy chief economist, instructed KTLA 5 Information. “Rates of interest hit a excessive of round 8% in October of final 12 months after which began declining a little bit as a result of inflation began to ease.”
As of March 19, the common fee for a 30-year fastened mortgage was 6.74%, in accordance with government-backed lender Freddie Mac, which continues to be removed from the all-time low of two.65% that homebuyers loved in the course of the peak of the COVID-19 pandemic.
Even small declines in mortgage charges, Wei says, are interesting to potential homebuyers, lots of whom have been sitting on the sidelines as charges soared.
“You may solely delay so lengthy,” Wei says. “You need to increase your loved ones. You need to purchase a much bigger home as a result of you may have further folks in your family. You may put it off for perhaps six months or a 12 months, however then finally, you must decide.”
Wei, nonetheless, cautions that California house gross sales may not proceed their beneficial properties by March as mortgage charges have edged increased in current weeks.
“It might not be a shock if we begin seeing some softening this month and perhaps in April, however I do imagine that, as we transfer extra into the home-buying season, we are going to most likely see some enchancment in each worth and gross sales,” he stated.
February 2024 California Single-Household Dwelling Gross sales
Area/CountyFeb 2024Jan 2024Feb 2023Price MTMpercentValue YTYpercentSales MTMpercentSales YTYpercentStatewide$806,490$789,480$735,3002.2percent9.7percent12.8percent1.3percentCondo/Twnhs$660,000$630,000$615,0004.8percent7.3percent24.3percent15.0percentLos Angeles Metro$790,000$750,000$710,0005.3percent11.3percent13.2percent6.7percentCentral Coast$950,000$926,000$856,0002.6percent11.0percent15.6percent18.7percentCentral Valley$478,200$460,000$450,0004.0percent6.3percent11.2percent0.8percentFar North$379,000$361,500$369,0004.8percent2.7percent1.4percent12.5percentInland Empire$576,500$559,280$549,9003.1percent4.8percent14.8percent3.9percentS.F. Bay Space$1,256,500$1,100,000$1,025,00014.2percent22.6percent24.8percent14.9percentSouthern Calif.$825,000$786,000$744,4005.0percent10.8percent14.7percent7.0percentS.F. Bay AreaFeb-24Jan-24Feb-23Price MTM% Value YTY% Gross sales MTM% Gross sales YTY% Alameda$1,300,000$1,103,000$1,066,00017.9percent22.0percent40.6percent9.8percentContra Costa$850,000$770,000$750,00010.4percent13.3percent20.0percent11.9percentMarin$1,610,000$1,524,500$1,447,5005.6percent11.2percent19.0%-9.2percentNapa$882,500$989,500$830,000-10.8percent6.3percent52.9percent36.8percentSan Francisco$1,590,000$1,530,000$1,465,0003.9percent8.5percent46.2percent41.7percentSan Mateo$1,922,500$1,975,000$2,080,000-2.7%-7.6percent56.7percent22.1percentSanta Clara$1,808,890$1,710,440$1,500,0005.8percent20.6percent25.9percent32.8percentSolano$580,000$575,000$555,0000.9percent4.5%-0.5percent5.8percentSonoma$826,500$829,900$774,500-0.4percent6.7%-2.9%-3.4percentSouthern Calif.Feb-24Jan-24Feb-23Price MTM% Value YTY% Gross sales MTM% Gross sales YTY% Imperial$355,000$380,000$325,000-6.6percent9.2percent2.9%-2.7percentLos Angeles$817,100$833,000$726,870-1.9percent12.4percent8.4percent6.3percentOrange$1,350,000$1,320,000$1,159,0002.3percent16.5percent23.6percent12.4percentRiverside$636,000$610,000$595,0004.3percent6.9percent23.1percent7.0percentSan Bernardino$477,070$477,500$466,500-0.1percent2.3percent1.1%-1.8percentSan Diego$980,000$925,000$878,0005.9percent11.6percent20.9percent8.1percentVentura$890,000$870,000$805,0002.3percent10.6percent9.6percent14.2percentCentral CoastFeb-24Jan-24Feb-23Price MTM% Value YTY% Gross sales MTM% Gross sales YTY% Monterey$860,000$825,000$775,5004.2percent10.9percent5.4%-2.0percentSan Luis Obispo$900,000$910,000$795,000-1.1percent13.2percent24.8percent36.0percentSanta Barbara$976,000$1,280,000$860,000-23.8percent13.5percent13.8percent23.4percentSanta Cruz$1,232,500$1,190,000$1,201,0003.6percent2.6percent16.4percent12.3percentCentral ValleyFeb-24Jan-24Feb-23Price MTM% Value YTY% Gross sales MTM% Gross sales YTY% Fresno$420,000$406,000$385,0003.4percent9.1percent7.7%-1.3percentGlenn$360,000$349,000$295,0003.2percent22.0percent22.2percent57.1percentKern$386,500$375,000$375,0003.1percent3.1percent9.5percent8.0percentKings$339,950$365,000$352,000-6.9%-3.4percent14.3percent9.8percentMadera$417,880$466,080$378,000-10.3percent10.6percent53.5percent46.7percentMerced$401,600$380,000$381,9505.7percent5.1percent8.2percent50.0percentPlacer$650,000$620,000$631,2504.8percent3.0percent19.4%-9.0percentSacramento$530,000$515,000$499,0002.9percent6.2percent18.0percent0.4percentSan Benito$795,000$760,000$730,0004.6percent8.9percent16.7percent25.0percentSan Joaquin$529,000$530,000$513,900-0.2percent2.9%-2.0%-9.4percentStanislaus$460,000$450,000$430,0002.2percent7.0percent1.8%-4.7percentTulare$359,990$349,000$340,0003.1percent5.9%-2.5%-5.4percentFar NorthFeb-24Jan-24Feb-23Price MTM% Value YTY% Gross sales MTM% Gross sales YTY% Butte$451,120$390,000$405,00015.7percent11.4percent13.8%-12.0percentLassen$263,000$229,000$212,50014.8percent23.8percent28.6percent50.0percentPlumas$370,000$363,620$305,0001.8percent21.3percent0.0percent112.5percentShasta$366,250$395,000$350,000-7.3percent4.6%-6.5percent13.4percentSiskiyou$340,000$329,000$208,0003.3percent63.5percent10.5percent23.5percentTehama$349,000$340,000$332,0002.6percent5.1%-11.5percent4.5percentTrinity$280,000$402,500NA-30.4percentNA250.0percentNAOther CountiesFeb-24Jan-24Feb-23Price MTM% Value YTY% Gross sales MTM% Gross sales YTY% Amador$407,500$444,500$415,000-8.3%-1.8%-15.8percent3.2percentCalaveras$475,000$434,500$437,5009.3percent8.6%-29.5percent3.3percentDel Norte$295,000$295,000$300,0000.0%-1.7percent33.3percent50.0percentEl Dorado$647,500$650,000$622,000-0.4percent4.1percent34.5percent29.0percentHumboldt$420,000$410,000$417,2502.4percent0.7percent18.5percent28.0percentLake$315,000$325,000$305,000-3.1percent3.3%-8.9percent7.9percentMariposa$390,000$431,500$353,000-9.6percent10.5%-33.3percent60.0percentMendocino$499,000$494,000$495,5001.0percent0.7%-21.4percent22.2percentMono$1,097,500$1,304,500$802,500-15.9percent36.8percent300.0percent300.0percentNevada$530,000$525,000$475,0001.0percent11.6%-5.3percent2.9percentSutter$415,000$435,000$412,500-4.6percent0.6%-2.8%-20.5percentTuolumne$430,000$360,750$361,00019.2percent19.1%-8.3percent77.4percentYolo$618,940$600,360$545,0003.1percent13.6percent9.2percent18.6percentYuba$426,500$455,000$432,760-6.3%-1.4percent30.4percent22.4percentCalifornia Affiliation of Realtors February 2024 Median Single-Household Dwelling Gross sales.