What’s going on in Real Estate?

Anya’s Market Bites:

Where is the Real Estate Market as of March 2024?

California:

➔    Home sales grew by double digits for the second straight month in February as buyers took advantage of falling mortgage rates, according to data released this week by the California Association of Realtors.

➔    The sale of single-family homes statewide climbed 12.8% in February after January saw sales up nearly 15% over the prior month.

➔    February’s statewide median home price was $806,490, up 2.2 percent from January and up 9.7 percent from $735,300 in February 2023.

Southern California:

➔    Southern California, where the median single-family home is $825,000, saw prices climb by a modest 5% last month and nearly 11% over February of last year.

➔    Sales increased in all major regions in February on a year-over-year and Southern California (7.0 percent) also showed solid growth from the prior year in February

The Nation:

➔    “Home sales are actually increasing throughout the United States, and it has a lot to do with lower interest rates at the beginning of the year.”

As of March 19, 2024 the average rate for a 30-year fixed mortgage was 6.74%, according to government-backed lender Freddie Mac.

(Source: California Association of Realtors)

All the best,

Anya

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