Tight housing inventory hurts September home sales; median price continues to post higher than previous month and year, C.A.R. says
A continued shortage of available homes for sale lowered California home sales in September, while the median price reached the highest level in more than four years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
“Sales in the inland and coastal markets continue to move in different directions. Low inventory – especially in distressed areas – is dampening sales activity,” said C.A.R. President LeFrancis Arnold. “In many of these areas, there is a one- to two-month supply of REO homes on the market. "The Inland Empire and the Central Valley have experienced double-digit sales declines compared with last year. Meanwhile, sales were higher in San Diego and most Bay Area counties, where the economies appear to be growing faster than the rest of the state.”
Read more here!