According to the California Association of Realtors® (CAR®) we hit a 7 month high in December. This is an increase of 5.9% over November’s adjusted figures, but down 6.8% from last year’s December report.
The unsold inventory also declined to 5 months in December from 6.2 months in November. Again, last December showed slightly better at only 3.8 months. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
The impact for our area? This inventory is important because it is a major price driver. While we do have areas with high REO (bank owned) properties, that inventory is decreasing. We believe the banks are also monitoring the rate at which they foreclose on homes so the market is not flooded again, driving the price down rapidly.
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