Salinas, CA Real Estate — Homes For Sale in Salinas, CA

California median home price sets new record but, home sales dial back. CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) reports that existing, single-family home sales reached 409,270 annualized in May, down 1.8 percent from April and down 4.6 percent from May 2017. Statewide median home prices hit $600,860, up 2.8 percent from April and 9.2 percent from May 2017, a new high for the first time in more than 10 years. California state-wide listings have gone also up 8.3% YoY, a sign of hope in a supply constrained environment. National Existing Home Sales Drop Slightly in May: NATIONAL ASSOCIATION OF REALTORS® (N.A.R.) reports that home sales dropped .4% from April, and down 3% from this time last year. The current annualized pace of 5.43 million on a seasonally adjusted basis was below forecaster expectations. Inventory climbed 2.8% from last month, but remains 6.1% below listings from last year, again on a positive note the rate of decrease in listings (not yet positive like in California) is slowing as more inventory begins to come on the market. The American Institute of Architects (AIA) Billings Rose for the eighth consecutive month, with growth increasing from April. The ABI reached 52.8 indicating growth in future new commercial real estate. The pace of growth in April increasing modestly from March, with orders solidifying in the west, and south, and across product types. Housing Starts Jump in May, but Permits Remain Weak: Census reports that housing starts jumped to a seasonally adjusted rate 1.35 million units in May, up 5% from an admittedly weak April. Both single and multi-family construction rose. While year-to-year result was a positive sign, for the year to date, starts are up half as much (11%) year-to-date compared to the same period in 2017 (22%). Meanwhile, new building permits, an indicator of future construction activity, dropped 4.6% from April, but are up 8% from this time last year. Housing construction is moving side-ways with relatively stronger growth in the single-family market. Homebuilder Sentiment Drops Slightly from High: Homebuilders remain very confident about their business prospects heading into the spring buying season. The NAHB/Wells Fargo's Homebuilder Sentiment Index came in at 68 in June, two points down from record high May (anything over 50 represents expansion). Builders were worried about tariffs on Canadian lumber that have added nearly $9,000 to the price of a new single-family home since January 2017. less