California’s housing market turned in a respectable performance throughout 2017
According to CAR Chief Economist Leslie Appleton-Young. “Looking ahead, the market will remain solid, but both sales and prices will be impacted by inventory shortages, impending interest rate hikes and general economic factors, including the effects of tax reform.
- December Median Price increases continue + 7.6 %
- Number of Sales buoyed by the first half of the year. + 1.4 %
- Home Price Appreciation Rate picked up in 2nd Half 2017
- Inventory lowest level observed since 2004
- Inventory declines across all Regions of the State
- This means that the absorption rate is rising