On Tuesday, the California Association of Realtors reported the average home price in San Diego County had reached $888,000 in February, which is up from $875,000 a month earlier and $765,000 one year ago.
Statewide, the average price of an existing, single-family home reached $771,270 in February, up from $765,610 in January and $699,000 one year prior. Total sales of single-family homes in California were down 4.5% from January and 8.2% from one year ago, to a total of 424,640 in February. Southern California experienced a 9.9% decrease in total house sales over February 2021.
The average time it took a single-family home to sell in February was 9 days in February, down from 10 days in February 2021.
The state leader in home prices continues to be the San Francisco Bay area, where the average home price reached $1.335 million, with highs of $2.1 million in San Mateo County, $1.9 million in San Francisco, $1.82 million in Santa Clara County and $1.58 million in Marin County.
The cheapest homes in California are found in Lassen County – the northernmost part of the state – with a median price of $239,000.
In a statement, California Association of Realtors President Otto Catrin said, “Despite higher mortgage rates, California’s housing market is holding up remarkably strong, with home prices re-accelerating, market competition growing and signs that the listings crunch is thawing,” continuing that, “Prospective buyers are taking advantage of still-low rates before they move higher and getting a jump on competition before the start of the spring home-buying season.”
Photo Cred: Mashvisor