The California Association of Realtors’ latest monthly pending home sales report reports that for the fifth straight month pending home sales in the Bay Area declined by 10 percent from 2016. As usual, tight inventory was cited as the prime reason. 71 percent of homes for sale received multiple offers while 12 percent sold above asking price.
Analysts expect more activity now that spring has arrived based on an increase in listing presentation requests and open house attendance.
The good news is that the National Association of Home Builders reports that single-family housing starts were the highest in nearly 10 years in February. Experts expect this trend to continue throughout 2017 although a shortage of available lots as well as a lack of available laborers remain a concern.