Real Estate Market Update for California, Bay Area 2024

February 22, 2024

California Real Estate: A Promising Rebound in January 2024

Bay Area Market Update Jan. 2024 — Jan. 2024 Market Update for Bay Area

In January 2024, California’s real estate market showed promising signs of recovery, with existing home sales reaching their highest point in six months. The California Association of Realtors reported a seasonally adjusted annualized rate of 256,160 closed escrow sales, reflecting a 14.4 percent increase from December 2023.

Despite a 5.9 percent year-over-year decrease, this marked the first gain in sales after 31 months. The statewide median home price dipped 3.8 percent from December to $788,940 but saw a 5.0 percent year-over-year increase, maintaining a seven-month streak of annual gains.

With mortgage rates softening and new active listings increasing for the first time in 19 months, the market anticipates continued growth in 2024, offering potential buyers and sellers strategic opportunities. The median number of days to sell a home was 32, and the statewide average price per square foot reached $386.

These positive indicators, coupled with an improving inventory situation, position California’s real estate market for a dynamic and optimistic start to the year.

In January, consumer spending declined beyond anticipated levels, following December’s positive momentum. Retail sales experienced a 0.8% drop, surpassing the initially predicted decrease of 0.3%.

Source: C.A.R and THE WORLD PROPERTY JOURNAL

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