Source: Inman.com –
California home sales fell year over year for the seventh straight month in February, though inventory rose as sellers gear up for the spring homebuying season, according to the California Association of Realtors.
Existing, single-family home sales in the Golden State last month fell 0.7 percent from January and 13.7 percent from a year earlier, to a seasonally adjusted annualized rate of 361,210. The median sale price in February was $404,250, up 21.3 percent from the same month a year ago. Last month saw the 20th straight month of double-digit price increases.
Housing inventory rose to a 4.7 months’ supply in February, up from 4.3 months in January and 3.6 months in February 2013. CAR considers a six- to seven-month supply typical in a normal market.