California’s February Home Sales Show Resilience Amid Rising Interest Rates

Published on March 26, 2024

Home sales in California climbed 12.8 percent in February despite rising mortgage interest rates, the California Association of Realtors (CAR) reported March 19. According to CAR, single-family home sales surpassed 290,000 in February, up from a little over 257,000 in January. The increase marked the second consecutive month of double-digit growth in home sales, following a nearly 15 percent surge in January. Both supply and demand surged last month, signaling a heating up of the overall market as the spring homebuying season approached, the association said. “Housing supply conditions in California continued to improve in February with new active listings rising more than 10 percent for the second straight month,” said CAR President Melanie Barker in a statement. “This is great news for buyers who have been competing for a dearth of homes for sale.”...

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