California Home Sales and Prices Surge in February But Expected to Moderate

Home sales in California grew 12.8% year-over-year in February, marking the second straight month of double-digit growth
Median home prices were higher across all regions of California, with the Bay Area seeing the largest year-over-year increase at 22.6%
The median price for a single-family home statewide reached $806,490 in February
Sales and prices are being driven by declines in mortgage rates since late 2022, bringing some buyers back into the market
However, rates are still much higher than historic lows, so sales growth may start to slow in coming months