California home sales at highest point in 8 months

SHE WILL ASSUME THE ROLE WHILE THE SEARCH FOR THE NEXT PERMANENT AUDITOR IS UNDER WAY. >>> HOME SALES ACROSS CALIFORNIA ARE AT THE HIGHEST LEVEL IN EIGHT MONTHS. WHILE THE NUMBERS LOOK PROMISING ANALYSTS SAY THE MARKET IS STILL REBOUNDING AND THAT HOME SALES OVERALL ARE STILL DOWN COMPARED TO THIS TIME LAST YEAR. WE HAVE A CLOSER LOOK. >> Reporter: THE LATEST REPORT FROM THE CALIFORNIA ASSOCIATION OF REALTORS IS GOOD NEWS. HOME SALES UP. 10% STATEWIDE FROM APRIL TO MAY. AND UP 30% HERE IN THE BAY AREA. >> WHAT I AM SEEING IN THIS DATA IS A PRETTY STRONG REBOUND IN HOME SALES. >> Reporter: JEFF TUCKER IS SENIOR ECONOMIST AT ZILLOW AND SAYS THE BIGGEST JUMP IN SALES IS HAPPENING IN SUBURBAN AREAS. IN SANTA CLARA AND SAN MATEO COUNTIES SALES ARE UP 40%. HE BELIEVES THE COMBINATION OF FACTORS HELPED TRIGGER THE JUMP IN NUMBERS INCLUDING THINGS STARTING TO STABILIZE IN THE TECH INDUSTRY, LEAVING WORKERS FEELING MORE COMFORTABLE ABOUT PURCHASING HOMES BY CASHING IN STOCK OPTIONS. ALSO HE SAYS HIGHER INTEREST RATES AREN'T SCARING AS MANY BUYERS AS PEOPLE PREDICTED >> I THINK FOLKS ARE SAYING, WELL, I WANT TO BUY A HOUSE SO I'LL FIND A WAY TO MAKE IT WORK AND FORGE AHEAD. >> Reporter: RENEE WHITE IS A REALTOR IN CONTRA COSTA COUNTY AND AGREES INTEREST RATE HAVEN'T BEEN A HUGE ISSUE. THE COUNTY SAW A DOUBLE DIGIT JUMP IN SINGLE FAMILY HOME SALES IN APRIL AND MAY. SHE SAYS SHE SOLD MOST HER INVENTORY. >> THE INTEREST RATE WILL CHANGE EVENTUALLY AND THEY NEED TO MAKE SURE THEY CAN MAKE THE PAYMENT TODAY BUT THEY DO SEE IT IS PROBABLY NOT FOREVER. >> Reporter: ALL IN ALL THE HOUSING INDUSTRY STILL HAS A HOLE TO CLIMB OUT OF BUT EXPERTS SAY THE LATEST JUMP COULD BE A POSITIVE SIGN OF THINGS TO COME AT LEAST IN THE SHORT TERM. >> I THINK IT IS PART OF A BROADER STORY OF THE HOUSING MARKET BOUNCING BACK WITH REALLY SURPRISING STRENGTH AFTER A DISMAL SECOND HALF

Channel: NBC Bay Area

Views: 3,581

Keywords: California, California housing market, Pete Suratos

Id: VqUw0aLlAvw

Length: 1min 51sec (111 seconds)

Published: Tue Jun 27 2023