California Association of Realtors Conference: Market Report

A flurry of activity has been seen across the country, however low inventory in the West has caused a dip in transactions. At a recent conference, the California Association of Realtors released a bundle of market statistics, explaining the current state of the residential real estate market and providing insight into what to expect in the future. According to the CAR, sales are up 12% nationwide, while California sales are down 3.2%. On a brighter note, 72% of California sales this year had multiple offers and 25% were all cash transactions. Forecasting 2014, the CAR predicts a rise in inventory will recover California sales 3.2% with prices rising as much as 6%.  The past two years have shown steady recovery of the housing market, with increased sales and home prices. Despite dips in various regions of the country, the US housing market should continue to make strides toward a full recovery. Riskin Associates will continue to keep our readers apprised of current events and trends in the real estate market.

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