SAN DIEGO (CNS) — Home prices increased across San Diego County in February, mirroring a statewide trend, the California Association of Realtors said Tuesday.
The median price of an existing single-family home in San Diego County in February was $980,000, up from $925,000 the previous month, and substantially higher than the $878,000 price of one year ago.
Statewide, the median price of an existing single-family home last month was $806,490, up from $789,480 in January, and an increase from $735,300 a year earlier.
The state's highest median home price in February was San Mateo County's $1.92 million.
February's statewide sales pace was 12.8% higher from the 257,040 homes sold in January and up 1.3% from a year ago, when a revised 286,290 homes were sold on an annualized basis.
The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains, but the improvement was mild.
While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4%, suggesting a better spring home purchasing season than last year, according to CAR.
"Housing supply conditions in California continued to improve in February with new active listings rising more than 10% for the second straight month,'' CAR President Melanie Barker said. "This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.''
The full report can be viewed here.
