Home prices in California have fallen 18% since they peaked in May, when the median price of a home in the Golden State topped $900,000, a record high.
The median home price in California dropped to about $735K in February, a 2.1% dip from the previous month and the lowest level in two years, when the median price in February 2021 was $699K, according to the latest report from the California Association of Realtors.
In a glimmer of hope, CAR reported that home sales in California surged for the third consecutive month in February, when 284K homes were sold, a gain of nearly 18% over January's total.
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