California Home Sales Surge in February 2024

California home sales surged by 12.8% in February, marking the second consecutive month of double-digit growth, with median prices also rising across all regions. The San Francisco Bay Area, with the state's highest median home price, saw sales and prices climb by double digits month over month and year over year. Lower mortgage rates have been a significant factor driving the increase in home sales, with the average rate for a 30-year fixed mortgage at 6.74%. However, there are concerns that the recent uptick in mortgage rates may lead to a softening in home sales in the coming months.