In February, Bay Area home prices rose in line with a statewide trend, as reported by the California Association of Realtors.

The median price of an existing single-family home in the Bay Area reached $1.25 million in February, up from $1.1 million the previous month and higher than the $1.02 million price recorded a year ago.

Statewide, the median price of an existing single-family home last month was $806,490, compared to $789,480 in January, and an increase from $735,300 a year earlier.

San Mateo County had the highest median home price in February at $1.92 million. The sales pace for February was 12.8% higher than January, with 257,040 homes sold statewide. This figure also represented a 1.3% increase from the revised 286,290 homes sold on an annualized basis a year ago.

February marked the second consecutive month of double-digit sales gains in California, but the year-over-year improvement was moderate.

While it is expected that sales will remain below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with a 3.4% increase, suggesting a stronger spring home buying season compared to last year, according to CAR.

CAR President Melanie Barker noted, “Housing supply conditions in California continued to improve in February with new active listings rising more than 10% for the second straight month. This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.”