National averages don’t always mirror local numbers. The Standard & Poor’s CoreLogic Case-Shiller national home price index shows a 5.8 per cent spike in February, the most in past few years.
But in Santa Barbara John Bahura of Village Properties said Santa Barbara South Coast home prices have dipped a bit in the first quarter, but they are expected to rise in the final three quarters of the year.
Inventory locally and nationwide is low. Realtors said Americans who don’t need to move for jobs are holding onto homes longer. The number of houses for sale are at a 20-year low.
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