If there ever was a more desirable time to buy houses in California, then that would be now. Sales of existing homes rose to 6.1% this March, according to the National Association of Realtors (NAR). By the end of March, at least 2 million homes were reportedly for sale, which is 5.3% higher than the tight supply in February.
This upsurge in housing sales is reportedly felt throughout the country and may be attributed to the relatively stable job market that builds up consumer confidence, as stated in an online article in Forbes. The report also said that the growing housing supply has helped make prices more affordable for new buyers, who accounted for 30% of all homebuyers in March.
Meanwhile, the California Association of Realtors (CAR) also reports that overall number of sales reached 368,000, with single family homes selling at a median price of $429,000. Despite this positive outlook, the article also points out that home constructions and listings need to be sustained to soften price growth and enable more first-time home buyers to own their own homes.
The current supply of homes will be available for around 4-6 months based on the pace of transactions, which economists declared in the article as a “healthy market.” With these remarkable figures, it is appropriate to conclude that the best time to buy houses is right now.