Mixed Results in California Home Sales Data

Sales of existing single-family homes in California during February rose 2.6 percent from the previous month and 6.4 percent from the previous year, according to new data from the California Association of Realtors (CAR).

Last month’s sales marked the second consecutive month that sales were under the 400,000 level: February’s transactions totaled a seasonally adjusted annualized rate of 393,360 units, compared to January’s 383,480 level. Also on the decline was the median price of an existing, single-family detached California home, falling 4.7 percent in February to $446,460 from $468,330 in January.

“While it’s encouraging that home sales were higher from both the previous month and year, it’s important to remember that sales were unusually low in the first quarter of 2015, when the housing market got off to a slow start,” said CAR President Pat “Ziggy” Zicarelli. “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.”