What Does California’s Housing Market Look Like?

Per recent news provided by CALIFORNIA ASSOCIATION OF REALTORS® just a couple of weeks back, despite a recent uptick in mortgage rates, California’s housing market continued to demonstrate resilience in February, reaching sales levels not seen since September 2022. Closed escrow sales of existing, single-family detached homes in California totaled seasonally adjusted annualized rate of 290,020 in February, a 1.3% increase from a year ago.

“Housing supply conditions in California continued to improve in February with new active listings rising more than 10% for the second straight month. This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.” (C.A.R. President Melanie Barker)

Other key points from C.A.R.’s February resale housing report:

• Central Coast region rose the most from a year ago, jumping 18.7%; San Francisco Bay Area rose 14.9%; Far North 12.5%, Southern California 7.0%
• Those counties that recorded a sales decline from a year ago include Sutter, Butte, and San Joaquin.
• Forty counties posted an increase in sales from last year with Mono (300%), Plumas (112.5%), Tuolumne (77.4%) recording the largest increases.
• San Francisco Bay Area experienced the biggest price jump on a year-over-year basis, increasing 22.6%, followed by the Central Coast (11%), and the Far North (2.7%)
• The median number of days it took to sell a California single-family home was 22 days in February 2024 versus 35 days in February 2023.

It’s that time when homebuyers & real estate investors should be connecting up to experienced Agents & Brokers, so they can quickly get pre-qualified to buy and then get on out and find that house!

Best,

Ken & Ari Walker - Your Direct Private Money Source

Husband & Wife Team

Phone: 707-708-0797 / Office: 1400 N. Dutton Ave #22 Santa Rosa, CA 95401
Ken: CA DRE Broker #01858042 / NMLS #1221130
Ari: CA DRE #01858152 / NMLS #2170867

Bio: Ken & Ari are a husband & wife team with over 30 years of combined real estate and private money lending experience. They like working with buyers & borrowers, as well as directly with other licensed individuals who have clients in need of fast & alternative financing, and who can benefit from Private Money mortgages. (Qualify for our financing despite DTI ratios, credit score, property condition, difficult to prove income, etc. on purchases and refinances for owner occupied & investment properties.)