Talking Points …
- There has been a significant reduction in time on market compared with a year ago due to increased market competition, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ June 2013 resale housing report. Homes sold in a median of 27.7 days in June after listing on the market, up slightly from 27.1 days in May, but down from 43.5 days in June 2012.
- The June Unsold Inventory Index for existing, single-family detached homes was 2.9 months in June, up from 2.6 months in May, but down from 3.5 months in June 2012.
- Sales in June were down 3.8 percent from a revised 431,490 in May and down 3.7 percent from a revised 430,960 in June 2012. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 414,950 units in June, according to information collected by C.A.R.