California Housing Market Ends 2020 on a High Note

Despite a myriad of obstacles stemming from two pandemic-induced lockdowns and a problematic economy that forced many residents and businesses to leave the state, California's housing market closed 2020 with a vibrant sales rate and a fifth record-high median price in December, according to new data published by the California Association of Realtors (CAR).

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 509,750 units in December, up 28% from the 398,370 sales at the end of 2019. This marked both the fifth consecutive and the largest yearly gain since May 2009. On a monthly measurement, sales were up 0.2% from November’s level of 508,820.

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