Sales of existing single-family homes in California totaled 444,540 in January, up 3.4 percent from December but down 8.3 percent year-over-year, according to the California Association of Realtors.
The year-over-year sales decrease was the seventh straight decline but the smallest in six months, the Los Angeles-based association reported.
The statewide sales figure are annualized, meaning they show what would be the number of homes sold during 2022 if sales maintained their January pace throughout the year.
They are adjusted to account for seasonal factors.
Statewide, the median price of an existing single-family home during the first month of 2022 was $765,580, down 3.9 percent from December and up 9.4 percent from January 2021.
“It’s encouraging to see the market momentum from the last two years being carried forward into 2022 and the economy continuing to recover,” said Jordan Levine, chief economist for the association, in the statement. “January’s sales remained above pre-pandemic levels, and new purchase mortgage applications are still registering strong numbers.
“However, a surge in interest rates in the past few weeks is concerning and will likely create affordability headwinds for buyers, which may result in housing demand being curtailed.”
In the Inland Empire, the median price of a single-family home last month was $539,000, essentially unchanged from December but up nearly 18 percent from January 2021, according to the association.