REGION — Home prices in San Diego County rose in February compared to the previous month, and they were still higher than housing prices one year ago, the California Association of Realtors announced today.
Last month, the $1.04 million median price of an existing single-family home in the San Diego area reflected a 1.0% increase from January’s $1.03 million sales price. The February figure was a 6.1% increase from $980,000 one year ago, according to the report.
February’s statewide median home price was $829,060, down 1.2% from January but up 2.8% from $806,480 in February 2024. Year-to-date statewide home sales edged up 2.6%, the survey said.
Also statewide, CAR noted, California’s pending sales in February dipped from last year’s level for the third consecutive month, but the drop was much smaller than the decline observed in January.
The sales dip of homes in escrow could be partly due to a jump in mortgage rates at the beginning of February, but the public’s growing concern of a recession may also have played a role in the slowdown in housing demand in recent weeks, the report said.
According to CAR, the February statewide median price increased year over year for the 20th straight month, but the gain recorded was the smallest since July 2023.
On a month-to-month basis, the February median price dipped from the prior month, and the monthly drop was more significant than the 10-year historical average dip of 0.7% recorded between the two months.
However, the downward trend in the statewide median price will likely reverse in the coming months, as home prices typically begin rising in March and continue climbing until the end of the homebuying season in August, according to the report.
“California home sales rebounded strongly in February after a sluggish start to the year, supported by increased buyer activity and more available homes on the market,” CAR President Heather Ozur said in a statement.
“Lower borrowing costs made homeownership more accessible to buyers who were previously sidelined by affordability challenges, while the rise in available inventory will help ease some of the competitive pressures that have defined the market in recent years and set a positive tone for the market for the rest of the year.”
The median number of days it took to sell a California single-family home in February was 26 days, up from 22 days in February 2024.
