REGION — Home prices increased across San Diego County in February, mirroring a statewide trend, the California Association of Realtors said this week.
The median price of an existing single-family home in San Diego County in February was $980,000, up from $925,000 the previous month and substantially higher than $878,000 one year ago.
Statewide, the median price of an existing single-family home last month was $806,490, up from $789,480 in January and $735,300 a year earlier.
The state’s highest median home price in February was San Mateo County’s $1.92 million.
February’s statewide sales pace was 12.8% higher than the 257,040 homes sold in January and up 1.3% from a year ago when a revised 286,290 homes were sold annually.
The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains, but the improvement was mild.
While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4%, suggesting a better spring home purchasing season than last year, according to CAR.
“Housing supply conditions in California continued to improve in February, with new active listings rising more than 10% for the second straight month,” CAR President Melanie Barker said. “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.”
The full report can be viewed at prnewswire.com/news-releases/california-home-sales-remain-resilient-in-february-despite-rising-mortgage-interest-rates-car-reports-302092350.html.
