28,000 new and resale home transactions closed escrow in California during February 2016. Sales volume was up slightly from the prior month and 9% higher than a year earlier.
2015 ended with 450,700 home sales in California. This is 35,400, or 9%, more sales than took place in 2014. This is just above 2013 sales volume. For perspective, the number of homes sold in 2015 is still 303,203, or 40%, below peak sales volume experienced in 2005.
The number of homes sold year-to-date is 7% higher than 2015 as of February 2016. Sales volume is likely to continue to pick up in the first half of 2016 as job numbers continue to grow, to fall back in the months following the inevitable fixed rate mortgage (FRM) rate increase, expected as early as the second half of 2016.