CA Home Sales Elevate Amid Geopolitical Uncertainty

Key takeaway points from C.A.R.’s February 2022 resale housing report include:

One in every four consumers is holding out hope that it will be easier to find a home in the next 12 months and nearly two in every three believe that home prices will rise over the same period of time.

February’s sales pace was down 4.5 percent on a monthly basis from 444,540 in January and was down 8.2 percent from a year ago when 462,720 homes were sold on an annualized basis.

The year-over-year sales decrease was the eighth straight decline and the smallest in seven months.

California home prices continued to increase from the prior year, picking up momentum again after slowing down for eight consecutive months.

The statewide median price inched up to $771,270 in February, up 0.7 percent from January’s $765,610 and up 10.3 percent from the $699,000 recorded in February 2021.

Consumers who thought it was a “Good time to buy” dropped to 16 in February from 19 last month and from 28 points last year.

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