Industry News

Sales down but prices, inventory rise in California

CAR: tighter lending standards, affordability dent sales

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Sales of existing homes in California in June fell 24.7 percent from a year ago, but median prices still eked out a slight gain for the year. Existing, single-family detached homes sold at a seasonally adjusted annual rate of 364,284, compared to 483,690 homes per year last June, the California Association of Realtors reported. The median sales price was $594,260, up 3.2 percent from for June 2006, and an increase of .2 percent over May's $592,780 median price. Unsold inventory stood at 10.1 months, compared with 6.1 months for the same period a year ago. "With just over a 10-month supply of homes for sale on the market, we expect further softness in prices in the coming months," said CAR's chief economist, Leslie Appleton-Young. The San Francisco Bay Area continues to see "leaner inventory levels" than Southern California and the state as a whole, Appleton-Young said in a statement. CAR President Colleen Badagliacco said first-time buyers face tighter mortgage underwriting standar...