California’s housing market made a hopeful turnaround in February, defying stubbornly high interest rates. The California Association of Realtors (CAR) reported that these sales levels, not witnessed since September 2022, mark a notable shift in the market’s trajectory.

Statewide sales jumped 12.8% in February compared to January, and were also up 1.3% from a year ago.

Fresno County sales were up 7.7% last month compared to January, though annual sales dipped 1.3%. Fresno County’s median sold price of $420,000 was up 3.4% on a monthly basis and 9.1% on an annual basis.

In Madera County, the spring selling season started off in February in a big way with a 53.5% monthly increase and a 46.7% annual increase. Madera County’s median sold price for February — $417,880 — was 10.3% lower than January but up 10.6% on an annual basis.

Sales were up 14.3% in Kings County in February, and also up 9.8% on an annual basis. The median sold price last month was $339,950, down 6.9% for the month and 3.4% for the year.

Tulare County was the only Central Valley county to see a monthly dip in sales of 2.5%. Sales were also down 5.4% on an annual basis. But the median sold price of $359,990 was up 3.1% for the month and 5.9% for the year.

“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism,” said CAR Senior Vice President and Chief Economist Jordan Levine in a news statement. “While the recent upward movement in interest rates may result in more moderate sales in March, we expect homebuyers on the sidelines to reenter the market as the economy slows and rates begin to trend down again in the second quarter.”

The monthly sales increase was California’s second straight month of double-digit gains and the second consecutive month of year-over-year gain.

The statewide median price recorded a notable year-over-year gain in February, gaining 9.7% from $735,300 in February 2023 to $806,490 in February 2024. California’s median home price was 2.2% higher than January’s $789,480. 

The increase in mortgage rates since the start of the year and concerns about rates staying elevated for at least the first half of 2024 predicted that the housing market would struggle to build on the momentum shown in the first two months of this year. C.A.R. said the tight inventory conditions will keep the market competitive and support prices.