High mortgage rates continued to hamper home sales in San Diego County in June 2024, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The sales pace for San Diego County home sales declined in June 2024 in both monthly and yearly comparisons. Sales of existing, single-family homes in June 2024 in San Diego County decreased 9% from May 2024, and 1.9% from June 2023.

Statewide, the sales pace in June 2024 decreased 0.8% from May 2024, and 2.7% from June 2023. Year-to-date statewide home sales edged lower by 0.5%. California home sales remained stagnant for the second consecutive month in June 202, as mortgage rates remained above 7% throughout most of May when escrows were opened for most of June’s sales.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 270,200 in June 2024, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The sales pace has remained below the 300,000-threshold for 21 consecutive months, and year-to-date home sales have fallen behind last year’s level by -0.5 percent through the first half of this year.

“With interest rates coming down to the lowest levels since February and the availability of homes loosening up further in the last few months, the housing market is gearing up for another run in the second half of the year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “We could see a pickup in market momentum at the start of the third quarter if rates decline in a more sustainable way in the coming weeks and buyers decide to take advantage of lower costs of borrowing.”

Meanwhile, the average price for an existing, single-family detached home in San Diego remained at more than $1 million in June 2024. It was the fourth consecutive month for the median price to exceed $1 million (March, $1,020,000; April, $1,047,500; May, $1,025,000; June $1,054.180).

June 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

San Diego’s median sales price in June 2024 was $1,054,180, a 2.8% increase from the $1,025,000 posted in May 2024. A year ago, in June 2023, the median price for a San Diego home was $958,250, a difference of 10.0%.

Statewide, the median home price took a step back in June 2024. The California median price was $900,720 in June 2024, compared to $908,040 in May 2024, a difference of 0.8%, and $837,850 in June 2023, a difference of 7.5%.

Home prices will likely continue recording positive year-over-year gains in the second half of the year, though the pace of growth could moderate if the rest of the year follows the traditional seasonal pattern.

Sales of higher-priced homes are a contributing factor to California’s rising median home price, especially since homes priced at $1 million and above are selling faster than lower-priced homes.

In a year-over-year comparison between June 2024 and June 2023, the million-dollar-and-higher market segment rose 2.0%, while the sub-$500,000 segment declined by 21.0% in the same time period. Currently, sales of homes priced above $1 million now make up 36.3 percent of all sales, nearly the biggest share in at least the last five years. California easily boasts the most cities with million-dollar-priced homes, followed by New York and New Jersey. 

“Home sales pulled back in June as interest rates remained volatile at the end of the second quarter. The average 30-year fixed rate mortgage began to decline since early July though and recently reached the lowest level in five months as the inflation cooling trend continued,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While it will take a couple of more reports for the Federal Reserve to begin cutting rates, housing affordability for qualified buyers should begin to see some improvement in the coming months.”   

Other key points from C.A.R.’s June 2024 resale housing report include:

•  At the regional level, home sales in all major regions continued to be softer than year-ago levels, including -11.5% for Southern California.
  
  
•  At the regional level, all major regions registered an increase in their median price from a year ago, including a gain of 7.4% for Southern California.
  
  
• The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, improved from both the prior month and year. The index was 3.0 months in June, up from 2.6 months in May and up 2.2 months in June 2023.

June 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The unsold inventory index of available existing homes for sale in June 2024 in San Diego County was 2.7 months. The figure was 2.0 months in June 2023. For previous 2024 months, the figures were 2.4 months in May, 2.2 months in April and March, 2.3 months in February and 2.6 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.

• Active listings at the state level rose on a year-over year basis for the sixth consecutive month.
  
  
• The median number of days it took to sell a California single-family home was 18 days in June and 15 days in June 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 14 days in June 2024. The figure was 11 days in June 2023. For previous 2024 months, the figures were 12 days in May, April and March.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100.0 percent in June 2023 and 100.0 percent in June 2023. Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

• The statewide average price per square foot for an existing single-family home was $440, up from $412 in June a year ago. Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 53 counties.

• The 30-year, fixed-mortgage interest rate averaged 6.92 percent in June 2024, up from 6.71 percent in June 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Home prices and home sales in San Diego County are continuing to surge, despite mortgage interest rates at the highest levels in five months, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Sales of existing, single-family homes in San Diego County increased 6.2% from April 2024 to May 2024. In a year-over-year comparison, between May 2024 and May 2023, the sales pace was 0.7% higher.

Also, the average existing, single-family detached home in San Diego is selling for more than $1 million. The median sales price in May 2024 was $1,025,000, a small 2.1% decline from $1,047,500 in April 2024. A year ago, in May 2023, the median price for a San Diego home was $935,000, a difference of 9.6% with May 2024.

Statewide, the May 2024 real estate market was a slightly different story.

Higher mortgage rates hampered California home sales, both on a monthly and an annual basis. In addition, the statewide median home price exceeded $900,000 for the second straight month to set another record-high.

May 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 272,410 in May 2024, according to information collected from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May 2024’s sales pace dipped 1.1 percent from the revised 275,540 homes sold in April 2024, and were down 6.0 percent from a year ago in May 2023, when a revised 289,860 homes were sold on an annualized basis. The sales pace remained below the 300,000-threshold for the 20th consecutive month and year-to-date home sales were flat.

“California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in market activity,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “However, a moderation in interest rates in the past couple of weeks and recent improvements in housing inventory could create an opportunity for motivated buyers to reenter the market before the homebuying season peaks.”

The statewide median price set another record high in May 2024, edging up 8.7 percent from $835,280 in May 2023 to $908,040 in May 2024, exceeding the $900,000-benchmark for the second month in a row.

California’s median home price was 0.4 percent higher than April 2024’s $904,210. The year-over-year gain was the 11th straight month of annual price increases for the Golden State. CAR said seasonal factors and tight housing supply conditions are expected to put upward pressure on home prices in the coming months.

Stronger sales of higher-priced properties continued to contribute to solid median price growth in May 2024, especially since million-dollar home sales in California have been rising more rapidly than their more affordable counterparts in the state. Sales in the million-dollar-and-higher market segment rose 15.5 percent year-over-year in May 2024, while sales in the sub-$500,000 segment declined by 12.2 percent. Sales of homes priced above a $1 million now make up 36.6 percent of all sales, the biggest share in the last five years.

California easily boasts the most million-dollar cities where the median home price is above $1 million. New York and New Jersey follow behind California.

California is home to 210 million-dollar cities, more than the next five states combined, and 12 more than a year ago. In San Diego County, 10 cities or communities with typical home values above $1 million include Rancho Santa Fe, Del Mar, Coronado, Solana Beach, Encinitas, Carlsbad, Poway, Bonita, Pala and Bonsall.

“A persistent shortage of homes for sale, particularly in the more affordable market segments, continued to push up California’s median home price to new record highs over the past couple of months,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “With mortgage rates coming back down from their recent peaks and market competition heating up, the statewide median price may have more room to grow before the summer ends."

Other key points from C.A.R.’s May 2024 resale housing report include:

• At the regional level, home sales in all major regions continued to soften when compared to their year-ago levels, including -1.0% for Southern California.
  
  
• At the regional level, all major regions registered an increase in their median price from a year ago, including a double-digit price gain of 10.0% for Southern California.
  
  
• The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, remained flat at 2.6 months in May 2024, the same number for April and March 2024. In May 2023, the index was 2.1 months.

May 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The unsold inventory index of available existing homes for sale in May 2024 in San Diego County was 2.4 months. The figure was 1.7 months in May 2023. For previous 2024 months, the figures were 2.2 months in April and March, 2.3 months in February and 2.6 months in January. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.
  
  
• Active listings at the state level rose on a year-over year basis for the fourth straight month, and the increase was the largest in 15 months.

With recent economic reports showing some promising signs that inflation could be cooling in a more sustainable fashion for the rest of the year, mortgage rates may moderate in the coming months as the daily fluctuations in yields continue. Further improvement on the supply side could be observed in the California housing market before the end of the home buying season.

• The median number of days it took to sell a California single-family home was 16 days in May 2024 and April 2024, and 17 days in May 2023.
  
  In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in May 2024, a figure that was identical to April and March 2024 and May 2023.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100% in May 2024, a figure that was identical to April, March and February 2024, as well as May 2023.
  
  
• The 30-year, fixed-mortgage interest rate averaged 7.06 percent in May, up from 6.43 percent in May 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

The Spring 2024 homebuying season kicked off with an encouraging start for home sales and record-high home prices, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The typical California single-family, detached house for sale now costs more than $900,000, a first-time-in-history, record-breaker for the median price. The April 2024 statewide median home price was $904,210, up 5.8% from the March price of $854,490, and up 11.4% from the $811,510 posted in April 2023.

The year-over-year gain was the 10th straight month of annual price increases in the Golden State.

Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices across the state in the coming months.

Historically speaking, it was roughly two years ago, in March 2022, when the median crossed $800,000 for the first time. Other statewide $100,000 home-price thresholds include $700,000 in August 2020, $600,000 in May 2018, $500,000 in April 2004, $400,000 in August 2003 and $300,000 in March 2002.

In San Diego County, home prices are still moving higher and approaching $1.1 million. The median sales price of an existing, single-family detached home in April 2024 was $1,047,500, a 2.7% difference from March 2024, when the median price was $1,020,000. In February 2024, the median price was $980,000. A year ago, in April 2023, the median price for a San Diego home was $930,000, a difference of 12.6% from April 2024.

April 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Meanwhile, as prices continue to rise, home sales also are rebounding.

On a statewide basis, the sales pace increased 3% for April 2024, when 275,540 existing, single-family detached homes were sold on a seasonally adjusted annualized rate. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The 3% increase is a comparison with the previous month of March 2024, when 267,470 homes were sold. In a year-over-year comparison between April 2024 and April 2023, the sales pace difference was 4.4%. The year-to-date home sales grew 1.6%.

The number of California homebuyers in April 2024 was below 300,000 for the 19th consecutive month. Since 1990, homebuying in the state has averaged 402,000 sales per month.

In San Diego County, sales of existing, single-family homes increased 7.5% in April 2024, compared to March 2024, and 8.8%, compared to April 2023.

“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price, the highest in nine months.”

“While the market performed solidly in April, we don’t expect to see a rapid recovery as long as inflation remains sticky and mortgage rates continue to fluctuate despite recent dips,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “However, housing inventory has also started to increase, which will provide much-needed supply to the market and facilitate a higher level of home sales in the second half of the year.”

Sales of homes priced at or above $1 million in California continued to hold up better than their more affordable counterparts in the state during the last few months. Sales in the $1 million-and-higher market segment in April 2024 surged 39.8% year-over-year, while the sub-$500,000 segment declined moderately (-8.0%) during the same timeframe.

The change in the mix of sales of homes priced above $1 million accounted for more than one-third (36.4%) of all sales, which was the largest share in the last five years.  

The growth in sales of higher-priced homes continues to provide upward support to the statewide median price and was partly responsible for the solid increase in the year-over-year growth rate at the start of the second quarter.

Other key points from C.A.R.’s April 2024 resale housing report include:

• April 2024 home sales in all major regions of the state advanced both in month-over-month and year-over-year, including 8.7% in Southern California.
  
  
• At the regional level, all major regions registered an increase in their median price from a year ago, including a double-digit price gain of 12.1%. The San Francisco Bay Area recorded the biggest price jump on a year-over-year basis, increasing 15.5 percent from April 2023.
  
  
• The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, remained flat at 2.6 months in April 2024, the same number for March 2024. In April 2023, the index was 2.5 months.
  
  

April 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The unsold inventory index of available existing homes for sales in April 2024 in San Diego County was 2.2 months, a figure that was identical to March 2024. The index was 2.3 months in February 2024 and 2.6 months in January 2024. In April 2023, the index was 1.9 months. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.
  
  
• New active listings at the state level in April 2024 increased from a year ago for the fourth consecutive month by double digits as more sellers listed their homes up for sale in time for the spring home buying season. Despite the moderate uptick in housing demand last month, the jump in new housing supply contributed to an improvement in the overall active listings.
  
  
• The median number of days it took to sell a California single-family home was 16 days in April 2024, 19 days in March 2024, and 20 days in April 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in April 2024, a figure that was identical to March 2024 and April 2023. For the previous 2024 months, the figure was 13 days in February and 21 days in January. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100% in April 2024, a percentage that was identical to March 2024 and February 2024.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.99 percent in April, up from 6.34 percent in April 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

While California’s statewide housing market lost momentum in March after lower home sales, the sales pace did not slow down in San Diego County with a jump of more than 15 percent, plus a return to median home prices exceeding $1 million, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Statewide, the sales pace for existing, single-family homes fell 7.8 percent from February 2024 to March 2024, and a drop of 4.4 percent from March 2024 to March 2023. March was the first time in three months for statewide home sales to decline on a year-over-year basis.

Also, the statewide sales pace remained below the 300,000-threshold for the 18th consecutive month. On a year-to-date basis, California home sales still exceeded the level experienced in first-quarter 2023 by 0.7 percent, but the gain continued to shrink in March. Year-to-date statewide homes sales were up 0.7 percent.

In contrast, home sales in San Diego increased 15.7 percent in a month-over-month comparison between March 2024 and February 2024. However, in a year-over-year comparison between March 2024 and March 2023, the sales pace was lower, a decrease of 7.1 percent.

Similarly, San Diego home prices kept moving higher. The median sales price of an existing, single-family detached home in March 2024 was $1,020,000, a 4.1 percent difference from February 2024, when the median price was $980,000. A year ago, in March 2023, the median price for a San Diego home was $915,000, a difference of 11.5 percent with March 2024.

March 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also have been higher. The median price of an existing, single-family home in California was $854,490 in March 2024, compared to $806,490 in February 2024, and $793,260 in March 2023.

The year-over-year gain was the ninth straight month of annual price increases for the Golden State. March marked the 11th time in the last 12 months that the median price for an existing single-family home was above $800,000.

Sales of homes priced at or above $1 million dollars in California have been holding up better than their more affordable counterparts in the last few months.

The $1 million-and-higher market segment continued to grow year-over-year in March 2024 by a decent clip (9.9 percent), while the sub-$500,000 segment declined again modestly (-2.4 percent). The change in the mix of sales continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the end of the first quarter.

“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®.  “On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.”

“With mortgage rates reaching the highest levels since mid-November 2023, the housing market struggled to build on the momentum exhibited in the first two months of this year,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. ”While sales could be hindered by higher rates in the coming weeks, the uptick in recent months suggests that we could see a bounce back in housing activity when the market digests the latest inflation report.”

Other key points from C.A.R.’s March 2024 resale housing report include:

• Home sales in most major regions of the state declined on a year-over-year basis in March 2024, including 7.8 percent in Southern California.
  
  
• At the regional level, all major regions registered an annual increase in their median price from a year ago, including a double-digit price gain of 11.1 percent in Southern California.
  
  
• Unsold inventory statewide decreased 13.3 percent in March 2024 on a month-over-month basis but increased from March 2023 by 23.8 percent. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.0 months in February 2024 to 2.6 months in March 2023. The index was 2.1 months in March 2023.
  
  

March 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• Active listings at the state level in March 2024 increased on a year-over year basis for the second consecutive month, and the increase was the largest in 13 months. It’s an encouraging sign that housing supply could be heading in the right direction as the market enters the spring home-buying season. However, mortgage rates could reach a four-month-high in coming weeks and rates are expected to remain elevated longer than previously anticipated, which could delay some potential sellers in putting their house up on the market.
  
  
• New active listings at the state level increased from a year ago for the third consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home-buying season. The jump in new housing supply, along with a modest slowdown in housing demand last month, contributed to an improvement in the overall active listings.
  
  
• The median number of days it took to sell a California single-family home was 19 days in March 2024, 22 days in February 2024, 32 days in January 2024 and 24 days in March 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in March, 13 days in February 2024, 21 days in January 2024 and 15 days in March 2023. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in March 2024 and February 2024, 98.9 percent in January 2024 and 99.1 percent in  March 2023.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.82 percent in March, up from 6.54 percent in March 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Despite a recent uptick in mortgage interest rates, California’s housing market continued to demonstrate resiliency in February 2024, reaching sales levels not seen since September 2022, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

In San Diego County, homes sales and home prices outpaced statewide levels with greater margins.

Sales of existing, single-family homes in San Diego County increased 20.9 percent in a month-over-month comparison between February 2024 and January 2024. In a year-over-year comparison between February 2024 and February 2023, the sales pace also was higher, an increase of 8.1 percent.

Similarly, statewide home sales for February 2024 increased 12.8 percent in a month-over-month comparison and 1.3 percent year-over-year. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 290,020 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home-buying season than that experienced last year.

Meanwhile, home prices continued to rise in San Diego County in February 2024.

The median sales price of an existing, single-family detached home in San Diego County in February 2024 was $980,000, a 5.9 percent difference from January 2024, when the median was $925,000. A year ago, in February 2023, the median price for a San Diego County home was $878,000, a difference of 11.6 percent with February 2024.

February 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also increased, but at smaller margins compared to San Diego. The median price of an existing, single-family home in California was $806,490 in February 2024, a 2.2 percent difference with the statewide median price of $789,480 in January 2024. A year ago, in February 2023, the statewide median home price was $735,300, a difference of 9.7 percent with February 2024.

The near-double-digit, year-over-year gain was the eighth straight month of annual price increases for the Golden State. It was the tenth time in the last 11 months that the median price for an existing single-family home was above $800,000.

With mortgage rates on the uptick since the start of the year and concerns about rates staying elevated for at least the first half of 2024, the housing market could struggle to build on the momentum exhibited in the first two months of this year. However, tight inventory conditions should keep the market highly competitive and provide support for prices.

Moreover, sales of homes priced at or above $1 million have been holding up better in the last few months than more affordable options. The high-end market segment continued to grow year-over-year in February by double digits, while the more affordable segment declined again modestly. The mix of sales toward higher priced homes continued to provide support to the statewide median price and was partly responsible for the strong surge year-over-year price growth rate in February.

“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 C.A.R. President Melanie Barker, a Yosemite REALTOR®. “This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.”

“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While the recent upward movement in interest rates may result in more moderate sales in March, we expect homebuyers on the sidelines to reenter the market as the economy slows and rates begin to trend down again in the second quarter.”

Other key points from C.A.R.’s February 2024 resale housing report include:

• Home sales in all major regions in the state rose in February 2024, including 7.0 percent in Southern California.
  
  
• At the regional level, home prices increased in February 2024 in all major reasons compared to a year ago, including 10.8 percent in Southern California.
  
  
• The unsold inventory statewide index decreased 6.3 percent in February 2024 on a month-over-month basis, dipping by 3.2 percent from February 2023. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.2 months in January 2024 to 3.0 months in February 2024. The index was 3.1 months in February 2023.
  
  

  February 2023 County Unsold Inventory and Days on Market
  (Regional and condo sales data not seasonally adjusted)

  

• The unsold inventory index of available existing homes for sales in February 2024 in San Diego County was 2.3 months, a figure that was identical to February 2023. The index was 2.6 months in January 2024. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.
  
  
• Existing active listings at the state level increased on a year-over year basis for the first time in 11 months. February’s increase was the largest in 12 months, an encouraging sign that housing supply could be heading in the right direction as the market approaches the spring home-buying season. However, mortgage rates have increased since the start of the year and are expected to remain elevated, which may cause potential sellers to have second thoughts about listing their house for sale.
  
  
• New active listings in February 2024 at the state level increased from a year ago for the second consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home buying season as mortgage rates dipped at the start of the year. The annual listings increase was the largest since May 2022.
  
  
• The median number of days it took to sell a California single-family home was 22 days in February 2024, 32 days in January 2024 and 35 days in February 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 13 days in February 2024, 21.5 days in January 2024 and 19 days in February 2023. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in February 2024, 98.9 percent in January 2024 and 97.7 percent in February 2023. In 2023, the statewide, sales-price-to-list-price ratio on a monthly basis was at 99 percent in December, 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.78 percent in February, up from 6.26 percent in February 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.