California February 2016 home prices and sales

Califonrnia February 2016 home prices and sales increase, as sales move toward more affordable housing in some areas of the state in February.

“LOS ANGELES (March 16) – Moderating home price appreciation and improving housing inventory combined to spur California’s housing market in February as existing home sales increased from both the previous month and year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”

February existing Single family home sales closed in California totaled an adjusted rate of 393,360 units, according to C.A.R. This adjustment considers seasonal factors that in general influence home sales.

This figure was up 2.6 percent from the revised 383,480 rate in January, up 6.4 percent compared with sales in February 2015 of a revised 369,630. February’s sales level was below the 400,000 level for the second straight month.

“While it’s encouraging that home sales were higher from both the previous month and year, it’s important to remember that sales were unusually low in the first quarter of 2015, when the housing market got off to a slow start,” said C.A.R. President Pat “Ziggy” Zicarelli. “Market activity continues to be dampened by low housing inventory as baby boomers stay in their homes longer and new home construction, while improving, falls below needed supplies.”

Complete article can be found here.