IE Business Daily Business news for the Inland Empire.
California’s housing market bounced back in February, posting the largest number of sales in more than two years, according to a recent report.
Sales of existing single-family homes last month totaled 283,540, up 11.6 percent from January and 2.6 percent year-over-year, the California Association of Realtors reported.
That sales number was annualized, meaning it indicates what would be the number of homes sold this year if sales maintained their February during the next 10 months. It also takes into account seasonal factors that usually affect the housing market.
The statewide median home price last month was $829,060, down 1.2 percent from January but up 2.8 percent from one year earlier.
Sales during the second month of 2025 were the highest since October 2022. That’s a strong number, but statewide home sales have remained below 300,000 since September 2022, according to the association.
Despite that good showing, the report struck a cautionary note about the state housing market’s immediate future.
“With [economic] uncertainty remaining the theme for at least the first half of this year, housing sentiment could be negatively impacted, and home sales, as a result, could remain soft in the upcoming months,” the report states.
