Talking Points …
- According to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), housing inventory increased as sellers gear up for the spring home-buying season. The available supply of existing, single-family detached homes for sale increased in February to 4.7 months, up from January’s Unsold Inventory Index of 4.3 months.
- Overall, California home sales fell in February, as it marked the fourth straight month that sales were below the 400,000 level and the seventh straight decline on a year-over-year basis. Sales in February slipped 0.7 percent from a revised 363,930 in January but were down 13.7 percent from a revised 418,520 in February 2013.
- The statewide median price of an existing, single-family detached home declined 1.6 percent from January’s median price of $410,990 to $404,250 in February. February’s price was 21.3 percent higher than the revised $333,180 recorded in February 2013, marking two full years of consecutive year-over-year price increases.