Thursday, January 22, 2015

CALIFORNIA’S HOUSING MARKET RETURNING TO NORMALCY


 

CALIFORNIA’S HOUSING MARKET RETURNING TO NORMALCY
California’s regional housing markets ended the year with mixed results as statewide home sales inched up from a year ago for the first time in nearly a year and a half, C.A.R. recently reported.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 366,000 units in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in December were down 2.9 percent from a revised 376,890 in November but up a slight 0.6 percent from a revised 363,740 in December 2013.  The negligible year-to-year increase was the first since July 2013.

For 2014 as a whole, a preliminary 383,320 single-family homes closed escrow in California, down 7.6 percent from a revised 2013 figure of 414,900.

Reversing a three-month decline, the median price of an existing, single-family detached California home increased 1.7 percent from November’s median price of $444,830 to $452,570 in December and was up 3.1 percent from the revised $438,790 recorded in December 2013.  The statewide median home price has been higher on a year-over-year basis for more than two years, but price gains have narrowed over the past few months.
More info
http://www.car.org/newsstand/newsreleases/2015releases/dec2014sales

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