Where California Leads The Country Follows (Real Estate) ...
Real Estate News
Parts of California are seeing their market turn around. This is a good sign that it will be happening around the rest of the U.S. in the future.
For-sale inventory halved in California
CAR reports price up 4.2%, sales up 2.9% in May
By Inman News, Monday, June 29, 2009.
Inman News
The for-sale inventory of homes has dropped by more than half from May 2008 to May 2009, according to the latest California Association of Realtors report on May home sales and prices.
The association's Unsold Inventory Index for May, which measures how long it would take to sell all for-sale single-family resale homes given that month's sales pace, suggested that the market had reversed from a buyer's market in May 2008 to a seller's market in May 2009.
The index was 4.2 months in May, compared with 8.7 months in May. A for-sale inventory of six months is considered to roughly represent a supply-demand equilibrium. In contrast, the National Association of Realtors reported a 9.6-month supply of for-sale U.S. resale homes in May.
The CAR report noted that the median price of existing single-family homes in California declined by 30.4 percent year-over-year in May, while sales rose 35.2 percent.
The group reported an increase in the median price of single-family resale homes by 4.2 percent from April 2009 to May 2009, with sales of resale homes up 2.9 percent.
Regionally, the Poway, Calif., market had the largest gain (29.7 percent) in median price for new and resale single-family homes and condos year-over-year in May among all cities, counties and communities tracked, followed by Auburn (8.3 percent), Arcadia (7.5 percent), and Atascadero (6.3 percent.)
California City witnessed the largest decline (-57.4 percent) in median price year-over-year in May, followed by Bloomington (-57.3 percent) and Lancaster (-52.4 percent).
Date: 2009-08-21 02:37:00
Views: 414
Ryan Thomas
t is probably the best time to get into real estate and invest while the prices are still low. Signs of life in the recently booming California Real Estate market has been seen by real estate experts. With property prices low, California is more affordable right now than ever and this is excellent news for those of you who are looking to pay less for a property or considering to invest in real estate. Using the right metrics based on the regular analysis gives an exact picture which can help make better Home buying decisions. Identifying the right market & finding the best property holds the key to success.