Sales Flat in February, Median Price Falls 2.3 Percent

CASales 2 2016California single-family home and condominium sales were 24,409 in February 2016, nearly unchanged from a revised 24,273 in January 2016. Sales volumes are typically low this time of year, 43.5 percent below last year’s peak summer sales. On a year-ago basis sales were down 2.4 percent from a revised 25,022 in February 2015. Condominium sales represented 19.4 percent of total sales compared to 18.6 percent in February 2015. In February 2016, single-family home sales were nearly unchanged for the month but were down 2.1 percent from February 2015. Meanwhile, condominium sales gained 1.1 percent for the month but were flat year-over-year.

January 2016 Sales Jump 3.9 Percent Over Last Year

California single-family home and condominium sales were 24,505 in January 2016, down 29.8 percent from a revised 34,906 in December 2015. The sharp January decline was a typical seasonal fluctuation. On a year-ago basis sales were up 3.9 percent from a revised 23,594 in January 2015. Condominium sales were 19.1 percent of total sales compared to 18.5 percent in January 2015.

Inaccurate Zillow 'Zestimates' a source of conflict

Zillow is the most popular online real estate information site, with 73 million unique visitors in December 2015. Along with active listings of properties for sale, it also provides information on houses that are not on the market. You can enter the address or general location in a database of millions of homes and probably pull up key information — square footage, lot size, number of bedrooms and baths, photos, taxes — plus a Zestimate.

When "CBS This Morning" co-host Norah O'Donnell asked the chief executive of Zillow about the accuracy of the website's automated property value estimates — known as Zestimates — she touched on one of the most sensitive perception gaps in American real estate.

Housing Affordability Index - First-Time Buyer

C.A.R.'s First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

November Housing Sales

California single-family home and condominium sales fell 22.0 percent in November to 27,105, down from a revised 34,760 in October. On a year-ago basis, sales were down 3.1 percent from 27,961 in November 2014.

“ November 2015 sales marked the lowest November sales volume since 2007 ,” said Schnapp, Director of Economic Research for PropertyRadar. “It appears the new TILA-RESPA Integrated Disclosure (TRID) rules that went into effect October, 3, 2014 are artificially depressing sales due to the delay in closing.”