The State of the Southern California Housing Market

The year 2013 was a year of excellence for the southern California housing market. While there was a slight dip in November of 2013, the overall state of affairs was positive, ending on a high note that included a slight increase over previous month’s sales for December.

According to the National Association of Realtors, distressed property sales accounted for roughly 14 percent of home sales in December with all cash sales accounting for 32 percent of December sales. Both numbers were the same in November. First time buyers accounted for 27 percent of sales in December, which was down slightly from November numbers of 28 percent.

This is good news though as one of the contributing factors in the slowing housing market continues to be dwindling inventories. That leaves the housing market wide open for new growth in southern California and beyond.  New real estate availability will bring even better numbers and forecasts for home sales in 2014 and beyond.

Whether you’ve purchased a distressed property in need of repair or you’re looking to build, it helps to have an exceptional building contractor on your side. If you need help in the Western US, please contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors.

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