California Real Estate Market Update

California Real Estate Market Update: Spring Surge in Sales

• Home Sales Are Rising Fast

  • February saw the highest home sales in California since October 2022.

  • Sales jumped 11.6% from January and were up 2.6% year-over-year, according to the California Association of Realtors (C.A.R.).

    
    

• Why the Increase?

  • More homes on the market – Inventory is growing at its fastest pace in 2 years.

  • Lower borrowing costs – Slightly lower interest rates have made homeownership more attainable for many buyers.

  • Buyer activity is up – Motivated buyers are jumping in to take advantage of more choices and better affordability.

    
    

• Market Snapshot

  • Median Home Price: $829,060 (February 2024)

  • 30-Year Fixed Mortgage Rate: 6.84% (slightly up from last year’s 6.78%)

  • Total Active Listings: Significantly up – creating more balance in the market.

    
    

• What This Means for Buyers & Sellers

  • Seller Market Update: With more buyers actively looking, now is a great time to list—especially if your home is move-in ready.

  • Buyer Market Update: More inventory means more options. Acting now could mean finding your dream home before competition heats up further this spring.

    
    

• Expert Insight

  • “Lower borrowing costs made homeownership more accessible to buyers who were previously sidelined by affordability challenges.” – Heather Ozur, C.A.R. President.

  • The market is setting a positive tone for the rest of 2024.

    
    

Takeaway

This is a strong start to the spring market—whether you're thinking about buying, selling, or just staying informed, now’s the time to keep your eye on the trends.