Saturday , June 22 2024
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State, Inland housing sales both record 12-month increase

Sales of existing single-family homes in California totaled 256,160 in January, up 14.4 percent from December and nearly six percent higher than January 2023, according to data released last week.

Statewide, the median home price during the first month of this year was $788,940, down 3.8 percent from December but up five percent one from year earlier, when the median price was $751,700, the California Association of Realtors reported.

The association’s sales figures are annualized, meaning they represent what would be the number of homes sold this year if the January sales pace continued throughout the rest of the year. They also take into account seasonal factors that typically influence the housing market.

“It’s encouraging to see California’s housing market kick off the year with positive sales growth,” said Melanie Barker, president of the Los Angeles-based association, in the statement. “While we’ll likely experience some ups and downs in home sales in the coming months as rates continue to fluctuate, the lending environment is expected to be more favorable in 2024. The market should see more pent-up demand translate into sales.”

In the Inland Empire, sales were down 12.1 percent compared with December, but rose 6.2 percent from January 2023.

The median home price in the Empire region last month – $559,280 – was down nearly two percent month-over-month but up 5.3 percent year-over-year, the association reported.

 

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