California Home Prices are up in March & April
Have California home prices really turned the corner from its downward spiral? The median home price was at $308,050, almost a 5% year-to-year price increase according to the California Association of Realtors. The reason, declining inventories and increased demand for homes has put pressure on prices. Currently, the housing market has a supply of 4.2 months, compared to an average inventory of 7 months. Plus, sales of existing single-family homes have surpassed normal levels above 555,000 units in April.
Sellers are now experiencing multiple offers for their homes and buyers are finding the competition for homes fierce. This turn in the corner may be the beginning of a seller’s market.
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