California housing market defies inventory as sales increase 1.3 percent from last year. San Francisco Bay Area’s median price of single family homes was $856,200 increasing 10.2 percent from last year. Sales in the Bay Area increased 6.5 percent from
Even with a strong performance in August closed escrow sales, California pending home sales stalled. Down 3.5%, 121 to 117, year to year.
Existing Home Sales down 2.2% YTY to 420,360. Median Price up 5.8% YTY to $526,580. Unsold Inventory down 6.4% YTY to 3.4 Months. Median Time on Market down 2.6% YTY to 28.9 Days. Price per SQ Ft. up 4.8% YTY
California home sales downshifted in August as low housing affordability and a tight supply of homes for sale cut into demand, especially in high cost areas of the San Francisco Bay region. Home sales remained above the 400,000 pace for