IE Business Daily Business news for the Inland Empire.
Sales of existing homes in California reached their highest pace in close to four years last month, despite the lowest inventory so far this year.
Total sales were 443,150 in June, up 3.3 percent compared with May and up 2.4 percent year-over-year, according to data released by the California Association of Realtors in Los Angeles.
The median price of a home statewide – $555,150 – was a .9 percent increased from May and a seven percent increase from June 2016.
Despite those solid numbers, especially compared with 2016, the state’s housing market is still being held back by a familiar problem: not enough houses to buy.
“A lack of available homes for sale continues to be the largest single factor influencing California’s housing market,” Geoff McIntosh, president of the association, said in a statement.
Active listings were down 13.5 percent compared with June 2016. That year-over-year statistic has dropped every month for the past 24 months
“Would-be sellers aren’t listing their homes, as many of them would also face an inventory challenge if they were to turn around and buy another,” McIntosh said.
The Inland Empire experienced a 10.4 percent year-over-year increase in home sales in June, the largest of any submarket in the state, the association reported.
