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California Home Sales Rebound in February, C.A.R. Reports
California home sales bounced back in February, after hitting the lowest sales level in more than 10 years the previous month. The California Association of Realtors (C.A.R.) reported February’s annual sales level was the highest in six months, and the monthly growth in sales was the highest since January 2011.
C.A.R. President Jared Martin says, “Lower interest rates and stabilizing home prices motivated would-be buyers to get off the fence in February. With mortgage rates reaching their lowest point in a year, housing affordability improved as buyers’ monthly mortgage payments became more manageable.”
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 399,080 units last month. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the February pace throughout the year.
February’s sales figure was up 11.3% from the revised 358,470 level in January, and down 5.6% from home sales in February 2018 of 422,910. February’s decline was the smallest since July 2018, and the sales total was just shy of the 400,000 benchmark.
“While February’s sales rebound is welcome news, the market will likely remain constrained as sellers and buyers’ sort through the realities of today’s market,” says C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young.
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