Although inventory available for sale is at historically low levels, the recent news on price trends is positive; For the third consecutive month, the Case/Shiller Index of 20 major cities (with California represented via Los Angeles and San Francisco) was up in each of the 20 cities (measured month to month), AND the composite was up as a whole based on year earlier prices (measured year on year). This is probably the most positive real estate report since the peak of prices in 2006 – 2007.
The Central Coast mirrors the national situation; Inventory is tight, and prices have firmed. For the first time in recent memory, optimism outweighs pessimism.
The S&P/Case-Shiller Home Price Indices are the leading measures for the US residential housing market, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. Read more at http://www.housingviews.com/.
Collette Kutil, The Keith Byrd Team, South County Realtor in San Luis Obispo County, including Pismo Beach, Arroyo Grande, Grover Beach, Oceano, Nipomo, and Avila Beach, 805-801-8114