The downward trend in pending sales suggests an impending slowdown in the state’s housing market.
California home sales bounce back in May as homes sales increase 2.6 percent from last year. San Francisco Bay Area’s median price of single family homes was $899,730 increasing 6.0 percent from last year. Sales in the Bay Area increased
California Housing Affordability Index 2017 Q1. Percentage of households who can afford to buy a median-priced home. Affordability inched up to 32 percent in Q1 2017.
After a solid start to the year in closed escrow sales, low housing inventory, eroding affordability, and rising interest rates mildly pulled back pending sales on a year-over-year basis in February.
After starting the year on a positive note in January, home sales and median price backpedaled on a monthly basis in February, but still showed strong gains on a yearly basis. Home sales totaled 400,500, down 4.7% from January and
California’s housing market started the year on a high note, following up on December’s strong showing with higher sales both on a monthly and yearly basis in January. Up 2.1 percent from December and 4.4 percent from January 2016.