Monday Market Update: California’s Latest Sales & Price Report
The California Association of Realtors® reports that home sales increased at a more moderate pace after 3 months of high year-over-year gains.
Just last week, the California Association of Realtors® reported that state home prices are moderating in conjunction with spikes in mortgage rates. As you can see from the infographic below, California home prices jumped 22-28% in November, December & January. However, February marked a more moderate increase at 9.7%.
Supply issues (just 2 months inventory on average statewide!) continue as demand still outpaces supply, and average days on market hovers at just 10.
If you have any questions about what this more moderate pace of home price acceleration means for you – please do not hesitate to reach out!
In case you missed it… last week we published the latest available data on San Mateo County home prices & sales!
Resources: CAR®, PRNewswire
All my best,
Bobbi Decker
DRE#00607999
Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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