![]() In Irvine, available inventory dropped by 59%, from 500 available homes in February 2021 to 205 homes in February 2022. Both of these cities have seen their housing inventory fall by more than half. The second-largest growth in home prices occurred in San Mateo, where the median sale price rose by 44.3%, from $1,128,000 in February 2021 to $1,627,500 in February 2022. Out of all California cities with populations of at least 100,000, Irvine’s home price increase is the largest in the state. The median sale price in Irvine was $890,000 in February 2021, before increasing by an impressive 49.4%, reaching a median sale price of $1,330,000 in February 2022. ![]() One of the biggest findings in the analysis of California’s major housing markets is the rise in home prices in Irvine. Standout Findings of the California Housing Market in 2022 The median sale price in Sacramento rose by 14.8%, from $425,000 in February 2021 to $488,000 in February 2022. Home prices have risen in Sacramento but are still comparatively affordable. The Sacramento housing market’s months of supply of homes held steady, falling from 0.8 months of supply in February 2021 to 0.7 months of supply in February 2022, although both figures are well off from the 1.5 months of supply of homes in February 2020. Plus, new listings are actually up 5% in Sacramento, increasing from 679 new listings in February 2021 to 713 new listings in February 2022. Housing inventory is down only 15.7%, from 490 available homes in February 2021 to 413 homes in February 2022. The Sacramento housing market is in very similar shape in 2022 as it was in 2021. Fresno has also experienced an increase in home sales (up 10.7%), unlike in Los Angeles, San Diego, and San Jose where home sales fell from February 2021 to February 2022. Housing inventory in Fresno declined by 21.2%, from 387 available homes in February 2021 to 305 homes in February 2022 however, it experienced a much bigger drop from February 2020 to February 2021, when inventory fell by 43.4%, from 684 available homes down to 387. Home prices have risen over the last year, with the median sale price rising by 18.4%, from $305,000 in February 2021 to $361,000 in February 2022. ![]() Fresno Housing Market 2022įresno is now the fifth-largest city in California, with a population of 526,147 in 2020, according to the Census Bureau’s 2020 American Community Survey. Whereas home sales were down year-on-year in Los Angeles, San Diego, and San Jose, in San Francisco home sales increased by 0.2%, from 408 sales in February 2021 to 409 sales in February 2022. In San Francisco, the average number of days fell by 61.4%, from 44 days in February 2021 to 17 days in February 2022, though this equals the 17 days on market reported in February 2020. ![]() The biggest year-over-year change was in the number of days on the market a home spends before getting bought. San Francisco’s months of supply of homes fell by 31%, from 2.9 months in February 2021 to 2 months in February 2022. ![]() In terms of months of supply of homes, San Francisco is in better shape than other major California housing markets. Home prices increased by 10% over the last year, from a median sale price of $1,350,000 in February 2021 to $1,485,000 in February 2022. Thus, the rate of decline is not as steep as in Los Angeles, San Diego, and San Jose. The San Francisco housing market in 2022 is also experiencing an inventory squeeze, with available homes for sale falling by 30.2%, from 1,177 homes in February 2021 to 821 homes in February 2022. ![]()
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