Talking Points …
- According to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), California sales for the year were down 5.9 percent from 2012 as tight housing inventory and higher home prices squeezed out would-be buyers. Overall, sales fell for the fifth straight month in December.
- C.A.R.’s December 2013 resale housing report also notes that the available supply of existing, single-family detached homes for sale dropped in December to 3 months, down from November’s Unsold Inventory Index of 3.6 months.
- In addition, home prices reversed a three-month decline and climbed in December. The statewide median price of an existing, single-family detached home rose 3.7 percent from November’s median price of $422,210 to $438,040 in December.