C.A.R.'s January Local Market Report
According to the California Assocation of REALTORS® (C.A.R.), California home sales declined in January 2025 as mortgage rates hit an eight-month high, with existing single-family home sales dropping 10% from December and reaching their lowest level in 13 months. The L.A. wildfires further slowed market activity, causing a significant drop in sales in affected areas, though pending sales showed signs of hope for the months ahead as opened escrows recorded a solid increase statewide compared to the previous month. While home prices continued their upward trend for the 19th consecutive month, inventory saw an unseasonal surge due to increased listings and slower sales. The market is expected to remain soft in early 2025 but could recover in spring as mortgage rates ease and buyer competition increases.