LOS ANGELES (Aug. 25) – Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers,” said C.A.R. President James Liptak. “Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered.
“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers.”
Closed escrow sales of existing, single-family detached homes in California totaled 553,910 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 12 percent from the revised 494,390 sales pace recorded in July 2008. Sales in July 2009 increased 8.1 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008, C.A.R. reported. The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.
“July marked the fifth consecutive month of month-to-month increases in the median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “This was the largest increase on record for the month of July based on statistics dating back to 1979. The yearly decline in July also was the smallest in the past 19 months.
Wednesday, August 26, 2009
Wednesday, August 12, 2009
California Housing Market shows signs of recovery!
The median price of a home in California rose for the fourth straight month in June. State wide the median price was $274,740 up 4.2 percent from May but still 26.4% below last June.
June sales slipped 6% from May but showed a 20.1 percent increase over the same period one year ago. While gains are expected be higher during the remaining months of 2009, they gains will not be quite as steep according to CAR economists.
Gains in sales for the first half of 2009 exceeded last year’s pace by 50.6% and are expected to be around 25% ahead of last years pace at year end.
The unsold inventory index in June was at 4.1 months and has decreased at a steady pace from the first of the year when it stood at 6.6 months and is well below the peak of 16.6 months in early 2008. The low inventory may contribute to an upward pressure on home prices.
Folks better gem 'em while they're cheap!!
June sales slipped 6% from May but showed a 20.1 percent increase over the same period one year ago. While gains are expected be higher during the remaining months of 2009, they gains will not be quite as steep according to CAR economists.
Gains in sales for the first half of 2009 exceeded last year’s pace by 50.6% and are expected to be around 25% ahead of last years pace at year end.
The unsold inventory index in June was at 4.1 months and has decreased at a steady pace from the first of the year when it stood at 6.6 months and is well below the peak of 16.6 months in early 2008. The low inventory may contribute to an upward pressure on home prices.
Folks better gem 'em while they're cheap!!
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