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California Weekly Market Data for Week ending February 19, 2024

California home sales kick off the new year with a positive note

January home sales in California reached the highest level in six months, with the statewide existing single-family home sales registering a year-over-year gain for the first time in 31 months.

Median price dips from the prior month but registers another annual gain in January

Despite mortgage rates rising in the last few weeks, home prices should remain on their upward trend and continue to grow moderately from a year ago in the next couple of months as housing supply remains tight.

Housing supply shows signs of improvement but headwinds remain

Active listings at the state level dipped again on a year-over year basis for ten straight months, but the decline for the current month was the smallest.

Housing starts plummet but builder sentiment climbs to six-month high

National Association of Home Builders’ Housing Market Index increased four points to 48 in February, reaching the highest level since August 2023.

Consumer inflation tops expectations again in January

With inflation remaining sticky and the January CPI data not giving the Fed any evidence that a slowdown in price pressures is broadening beyond goods, the odds of a rate cut in the March FOMC meeting are very slim.

Many shoppers had used the “buy now, pay later” financing option during the holiday season, and the current pullback in spending could be a reflection of consumers cutting back. Rates will ease again as inflation stabilizes in the second quarter and the market could see more pent-up demand being converted into sales in the spring homebuying season.

SOURCE : California Association of Realtors

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