RE/MAX Fine Homes - Orange County Real Estate Blog: CA Housing Market Looked Mostly Sunny in May

CA Housing Market Looked Mostly Sunny in May

“First-time buyers are recognizing that the housing market has hit bottom and are now seeing a sense of urgency to take advantage of ultra-low interest rates and advantageous home prices. Additionally, trade-up buyers are returning to the market after sitting it out for the past few years to get in on favorable home prices."

"Not all news was good, though. California’s housing inventory sank lower in May, with the Unsold Inventory Index for existing, single-family detached homes dropping to 3.5 months in May, down from 4.2 in April and 5.7 in May 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate, with a 7-month supply being normal."

Click here to read the full article from DS News.

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