California Home Prices Benefit from Short Inventory, Sales Suffer

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Posted To: MND NewsWire

California house prices have now risen on an annual basis for a full year according to the California Association of Realtors® ( C.A.R. ). The median price of an existing single family home sold for $333,800 in February, down 1 percent from the January median of $337,360 but an increase of 24.2 percent from February 2012. In addition to marking a full year of annual price increases, February was the eighth consecutive month with annual increases in double digits. Sales of existing single-family detached homes in February were at a seasonally adjusted annual rate of 416,610 units in February, down 0.9 percent from January and 5.9 percent from 442.660 sales in February 2012. C.A.R. said sales are being affected by a lack of inventory . The February Unsold Inventory Index for existing, single...(read more)

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Source: http://www.mortgagenewsdaily.com/03152013_hame_sales.asp

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