California Housing Market Update For February 2019

California Housing Market Update For February 2019

Source: Pacific West Association of Realtors

“It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.

New Listings were down 14.6 percent for Single Family homes and 6.7 percent for Townhouse-Condo properties. Pending Sales decreased 48.1 percent for Single Family homes and 55.0 percent for Townhouse-Condo properties.

The Median Sales Price was down 1.1 percent to $680,000 for Single Family homes but increased 3.1 percent to $460,000 for Townhouse-Condo properties. Months Supply of Inventory increased 34.8 percent for Single Family units and 106.3 percent for Townhouse-Condo units.

The National Association of REALTORS┬« recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.”'

By NationalBrokers Administrator

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