Home sales continues to rise in California

 

The California Association of Realtors (C.A.R.) data revealed that driven by lower interest rates, home sales continued to increase for the third straight month.   The seasonally adjusted annualized sales rate for California was 284,010 in February.  The sales pace in February saw a 17.6% MoM increase but was down 33.2% from a year ago when 425,120 homes were sold annually.  C.A.R. President Jennifer Branchini expects a shift toward more home sales in the lower-price segments and prices to bottom later this year.  The median home price dropped for the sixth straight month, declining 2.1% from January's $751,330 to $735,480, the lowest in two years.  All regions except the Central Valley recorded more than a 30% sales decline from last year.