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The California Housing Market is Growing Modestly So Far This Year

The Los Angeles real estate market essentially paralleled the state of California’s in May – the number of sales fell slightly, but due to tight inventory, prices advanced.

Statewide home sales decreased 3.2% from May of 2015 but prices are up 2.2% from a year earlier.

Los Angeles County’s home sales decreased 1.2% from a year earlier, but the home prices increased a robust 8%.

According to a spokesman for the California Association of Realtors:

“The California housing market is growing modestly so far this year, with home sales running 2 percent higher year to date,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Fundamental drivers, such as household formation and economic growth, will continue to move housing demand forward. However, constrained inventory, low affordability, and regional disparities will be a drag on this year’s market outlook, which is forecast to see a 1.3 percent growth in sales and a 5 percent increase in the median home price.”

http://www.bizjournals.com/losangeles/news/2016/06/20/may-s- california-home-sales-fall- but-prices.html?s=print

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