Broadcast December 28, 2017
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Santa Barbara Real Estate Market Trends Despite a recent uptick in mortgage rates, the California's housing market continued to demonstrate resilience in February, reaching sales levels not seen since September 2022, according to the California Association of Realtors on March 19, 2024. February’s sales pace jumped 12.8 percent higher from the revised 257,040 homes sold in January and rose 1.3 percent from a year ago, when a revised 286,290 homes were sold on an annualized basis. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains, but the improvement was mild. The sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home buying season than that experienced last year. Click Read More below for the whole post, Santa Barbara real estate statistics, and video.
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To help you understand this phenomenon we will help explain how rising interest rates are affecting the housing market. (Click "READ MORE" below for the GMA video and for current Mortgage Interest Rate information).
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