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Calif. home sales not hurt by inventory woes

Posted by The Aramco Group on Sun, Jul 23, 2017 @ 14:07 PM

Even as home prices surpass affordability and inventory remains slim, California's housing market has kicked off the summer in traditional fashion – hot. According to a new report from the California Association of Realtors, June's existing home sales in the state reached their highest pace since 2013.

Increases were seen on both a monthly and yearly basis in June with closed escrow sales of existing, single-family detached homes in California reaching a seasonally adjusted annualized rate of 443,150 units. This is a 3.3 percent increase from May and 2.4 percent higher compared to the same month last year.

Homes in San Diego are selling on average in 20 days accord to CAR. Sales in San Diego County outpaced the rest of California with a 6.1 percent year-over-year increase and 5.7 percent from May to June. The increase in sales was partly responsible for another drop in housing supply in the region. Currently the unsold inventory index in San Diego is at just 2.5 months.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.