California home sales gain steam in February as shift toward more affordable areas tempers home prices

Source: C.A.R. 

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, according to the CALIFORNIA ASSOCIATION OF REALTORS®.

Making sense of the story

• Existing, single-family home sales totaled 393,360 in February on a seasonally adjusted annualized rate, up 2.6 percent from January and 6.4 percent above February 2015. 
• February’s statewide median home price was $446,460, down 4.7 percent from January and up 3.8 percent from February 2015. 
• Statewide sales of condos and townhomes rose 2.6 percent from January and 6.4 percent from February a year ago. 
• The February figure was up 2.6 percent from the revised 383,480 level in January and up 6.4 percent compared with home sales in February 2015 of a revised 369,630. February’s sales level was below the 400,000 level for the second straight month.
• C.A.R. President Pat “Ziggy” Zicarelli commented, “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.” 
• The number of active listings increased for the second consecutive month after declining for five straight months. Active listings increased 4.1 percent from January on a statewide basis. 
• The median number of days it took to sell a single-family home declined in February to 41.6 days, compared with 44.5 days in January and 44.1 days in February 2015. 

Read the full story http://www.car.org/newsstand/newsreleases/2016releases/february2016sales