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U.S. home prices record annual decline

Report: Lower interest rates help state home sales

Statewide sales of single-family homes totaled 284,010 in February, up 17.6 percent from January but down 33.2 percent year-over-year, according to a recent study.

The median price home price in California during the second month of this year was $735,480, down 2.1 percent from January and down 4.8 percent from February 2022, the California Association of Realtors reported.

Sales were down nearly 40 percent during the first two months of this year compared with the first two months of 2022.

The statewide sales figures are annualized, meaning they reflect what would be the number of homes sold this year if the February sales rates were to last through the end of the year. They take into account seasonal factors that typically influence home sales.

February was the third straight month that home sales increased, although sales did remain below 300,000 for the fifth consecutive month, the Los Angeles-based trade association reported.

“A brief interest rate reprieve and softer home prices during January created a window of opportunity for homebuyers to dip their toes into the home-buying waters, which helped boost home sales to the highest level in five months,” said Jennifer Branchini, association president, in the statement. “With the availability of homes remaining extremely tight and housing supply conditions not expected to improve soon, prices should find bottom later this year as interest rates stabilize.”

 

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