CAR: San Francisco still hampered by low inventory
In a report released today by the California Association of Realtors, the group asserted that while the state of California’s real estate market is looking rosy as a whole, San Francisco is suffering from lack of product on the market.
“At the state level, the market is moving in the right direction as the growth of sales continues its upward trend and home prices start stabilizing,” CAR vice president and chief economist Leslie Appleton-Young said in a statement. “At the regional level, however, the San Francisco Bay Area continued to be hampered by constrained inventory and low housing affordability.”
Paragon’s thoughts on the matter were highlighted in today’s San Francisco Chronicle.
On a larger statewide basis, however, we’re seeing slowing home price appreciation and improving inventory, according to CAR, with closed escrow sales of existing single-family detached homes in the state totaling a seasonally adjusted annual rate of 368,160 units last month. Additionally, February sales were found to be up 4.7 percent from a revised 351,480 in January as well as up 2.4 percent from a revised 359,600 a year earlier – the largest such year-over-year increase since December 2012.
CAR President Chris Kutzkey also noted that housing supply in the Bay Area declined 10 percent year-over-year in February, while statewide housing inventory improved overall with active listings growing at a faster pace of 5.3 percent during the same time.
The median price of an existing single-family detached California home remained essentially flat from the previous month, going up to $428,970 in February from $426,660 in January. Statewide home prices are higher than a year ago, but the rate at which they are increasing seems to be slowing.
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