California's low housing inventory squeezes affordability

  • The number of pending home sales in California increased 4.1 percent year-over-year on the Pending Home Sale Index (PHSI).
  • The Santa Clara and Monterey regions experienced the most growth in pending sales at 13.7 percent and 15.8 percent, respectively.
  • The only market that did not see year-over-year increases in pending sales was Sacramento, dipping 0.2 percent.

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The California Association of Realtors released its monthly report detailing the state of affairs, with California experiencing a tight supply in inventory that is affecting housing affordability.