Here are more of the highlights from the February CAR Report:
Price per square foot was $265, up 3.1% from January and up 8.6% YTY
Sales price-to-list is 99.2%, up 0.5% from January and up 0.6% YTY
Inventory continues to decline from 2017
Supply had the smallest decline since mid-2015
Inventory index is at the highest levels for the $3M+ homes
Housing Supply improved in the $500K-$749K segment
California Real Estate Sales Transactions had a strong bounce back in February. February Sales were 422,910 units, which represents a gain of +1.1% YTD, and is up +5.4% over the same period last year. We saw California home sales temporarily reverse the downward trend with Bay Area Sales Surging in February, and Central Valley sales continuing to climb. That growth did not extend to Southern California home sales, which continued to decline. February also saw more high-priced homes sold this year than last year. Sales declined in lower priced segments. California Median home prices continue to grow at a fast pace with February 2018 median price being $522,440, down -1.0% over last month but is an increase of +8.8% over the same period last year. The biggest news in February was that condo home prices increased at their fastest pace since April 2014. In fact, the condo/townhome median price hit a new peak of $461,400.