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!!
Wednesday, August 12, 2009
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