Existing home sales in California managed to hit a four-year high in June despite the continued challenge of tight inventory
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Existing home sales in California managed to hit a four-year high in June despite the continued challenge of tight inventory.
California Association of Realtors reports a seasonally-adjusted annual pace of sales of 443,150. That’s 3.3% up from May and 2.4% higher than June 2016.
"A lack of available homes for sale continues to be the largest single factor influencing California's housing market," said C.A.R. President Geoff McIntosh. "With active listings 13.5% lower than last June, we've now experienced a full two years in which active listings have fallen on a year-over-year basis and the lowest inventory level this year.
Would-be sellers aren't listing their homes as many of them would also face an inventory challenge if they were to turn around and buy another property."
The statewide median price hit a 10-year high of $555,150, up 0.9% from May and 7% from June 2016. This was driven by stronger sales in the high and mid-range sectors.
"In fact, sales in the lower price ranges were down significantly as a tight supply of affordable homes continues to plague the market and impede the sales of starter homes," C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "This factor has disproportionately pushed prices higher at the lower end of the market, leading to eroding affordability that either prevents or delays first-time buyers from getting on the housing ladder."
California Association of Realtors reports a seasonally-adjusted annual pace of sales of 443,150. That’s 3.3% up from May and 2.4% higher than June 2016.
"A lack of available homes for sale continues to be the largest single factor influencing California's housing market," said C.A.R. President Geoff McIntosh. "With active listings 13.5% lower than last June, we've now experienced a full two years in which active listings have fallen on a year-over-year basis and the lowest inventory level this year.
Would-be sellers aren't listing their homes as many of them would also face an inventory challenge if they were to turn around and buy another property."
The statewide median price hit a 10-year high of $555,150, up 0.9% from May and 7% from June 2016. This was driven by stronger sales in the high and mid-range sectors.
"In fact, sales in the lower price ranges were down significantly as a tight supply of affordable homes continues to plague the market and impede the sales of starter homes," C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "This factor has disproportionately pushed prices higher at the lower end of the market, leading to eroding affordability that either prevents or delays first-time buyers from getting on the housing ladder."
