The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. In Orange County, C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in February 1998 was 6.0 months, down from 9.9 months for the same period a year ago. The number of days it took to sell a single-family home in Orange County declined to 48 days in February 1998 from 67 days in February 1997. In Los Angeles County, the number of days it took to sell a single-family home declined to 52 days in February 1998 from 56 days in February 1997. Unsold inventory is low and homes are selling quickly.
All indicators point to substantial home price appreciation in the coming months.
C.A.R. is headquartered in Los Angeles.