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California home sales and prices continue to rise

California home sales and prices continue to rise in August - The California Association of Realtors released its August Sales and Price Report. Despite tight inventory existing, single family home sales totaled 427,630 in August on a seasonally adjusted annualized rate. That represented a 1.5% increase month over month from July and a 1.3% increase from last August.  The Los Angeles region registered a 4.4% gain in the number of sales year over year.  The median price paid for a home in California was $565,330, up 2.9% from July and 7.2% from August 2016.  C.A.R.'s Unsold Inventory Index fell to a 2.9-month supply of housing in August, down from 3.2 months in July, as there were too few new listings to keep up with strong sales growth. 


U.S. Existing home sales slightly lower in August – Existing-home sales data released by The National Association of Realtors showed that existing-home sales dropped 1.7% on a seasonally adjusted annual rate in August from July’s sales levels, as tight inventory has affected home sales.  For the year the number of homes existing-homes sold on a seasonally adjusted annual rate in August was 0.2% above last August’s sales pace. Prices continue to rise nationally.  The median price aid for a home in August was 5.6% higher than one year ago.  Housing inventory continued to decline. The number of homes for sale declined 6.5% from August 2016. The 27thstraight month of year over year declines in inventory levels. The unsold inventory index dropped to a 4.2 month supply, down from 4.5 months one year ago.

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