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Blame uninspiring home sales on low inventory, CAR says

06/29/2016

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Lack of inventory, both affordable and overall, remains an issue for California homebuyers, and price continues to climb in response. For the second straight month, median home price grew above $500,000 while California home sales dropped annually, according to the California Association of Realtors’ (CAR) statewide report. Sales of single-family detached properties dropped by 3.2 percent year-over-year. The effects of California’s tight market appear to be hitting the pricier ZIP codes more dramatically. “Affordable areas, such as the Inland Empire and Central Valley, where housing supply is relatively more abundant, are outperforming the San Francisco Bay Area, where thin housing availability is hampering home sales,” CAR President Pat “Ziggy” Zicarelli said in a st…

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