California home sales fell year over year for the seventh straight month in February, though inventory rose as sellers gear up for the spring homebuying season, according to the California Association of Realtors.

Existing, single-family home sales in the Golden State last month fell 0.7 percent from January and 13.7 percent from a year earlier, to a seasonally adjusted annualized rate of 361,210. The median sale price in February was $404,250, up 21.3 percent from the same month a year ago. Last month saw the 20th straight month of double-digit price increases.

“The slower sales in February reflects diminished housing affordability after three years of solid price increases and interest rates that are nearly a full percentage point higher than a year ago,” said CAR President Kevin Brown in a statement.

Housing inventory rose to a 4.7 months’ supply in February, up from 4.3 months in January and 3.6 months in February 2013. CAR considers a six- to seven-month supply typical in a normal market.

“Supply conditions in the housing market have shown some improvement since the end of last year, except for the lowest price range where the inventory for distressed properties is depleted. In the midpriced range of $300,000-$750,000, which covers nearly half of all home sales, inventory is up 27 percent, while the supply of high-end homes — properties priced at or above $1 million — also is up 13 percent from a year ago,” said CAR Vice President and Chief Economist Leslie Appleton-Young in a statement.

“The improvement in these prime price ranges will benefit trade-up buyers who are expected to dominate the market in 2014, as many of them will be searching for homes in these price categories.”

It took a median 40 days to sell a single-family home last month, up from 34.3 days in February 2013.

Source: car.org

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription