June 15 2012 B2B News Special California Edition | California Housing Market Report
Los Angeles Community Social Network on Facebook – brand new!
California April Home Sales
An estimated 38,241 new and resale houses and condos were sold statewide last month. That was up 2.0 percent from 37,481 in March, and up 8.6 percent from 35,202 for April 2011. Last month’s sales were the highest for any April since 48,894 homes were sold in April 2006… full story
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According to dqnews.com: California market growing again after the adjustment:
May 17, 2012
An estimated 38,241 new and resale houses and condos were sold statewide last month. That was up 2.0 percent from 37,481 in March, and up 8.6 percent from 35,202 for April 2011. Last month’s sales were the highest for any April since 48,894 homes were sold in April 2006.
On a year-over-year basis, sales have increased the past nine months. California sales for the month of April have varied from a low of 27,625 in 1995 to a high of 71,638 in 2004, while the average is 44,115. DataQuick’s statistics go back to 1988.
The median price paid for a home last month was $264,000, up 5.2 percent from $251,000 in March, and up 6.0 percent from $249,000 for April a year ago. Last month was the second month in a row to post a year-over-year gain in the state’s median sale price. At the bottom of the current cycle in April 2009 the state’s median fell to $221,000, while the median peaked at $484,000 in early 2007.
Distressed property sales – the combination of foreclosure resales and “short sales” – made up close to half of the state’s resale market last month.
Of the existing homes sold in April, 30.3 percent were properties that had been foreclosed on during the past year. That was down from a revised 32.8 percent in March and down from 36.4 percent in April a year ago. Last month’s figure was the lowest for any month since foreclosure resales made up 29.6 percent of the resale market in January 2008. The all-time high for foreclosure resales was 58.5 percent in February 2009.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.3 percent of the homes that resold last month. That was down from 19.1 percent the month before and up from 16.9 percent a year earlier.
The typical mortgage payment that home buyers committed themselves to paying last month was $997. That was up from March’s $953. Adjusted for inflation, last month’s typical payment was 51.6 percent below the 1989 peak of the prior real estate cycle, and 64.4 percent below the 2006 peak of the current cycle.
It may be time to get excited about California again, for all the old reasons, and because the market is growing again, however slowly.
In my opinion, the underlying market can only correct so far before the national and international forces that created the imbalance are compensated for.
We have many blogs in California now – still an important state for us:
Featured Bloggers:
Sidney Kutchuk Temecula Community News
Corona California Community Business News
LARENTANDOWN.COM Van Nuys Ca Real Estate | Mortgage | Rental Properties
SPONSORS:
Arizona LifeNTimes .com Magazine
L.A. Luxury Home Market
Featured:
And now linking them as a region: Los Angeles Community News Blog and
Los Angeles Community Social Network on Facebook – brand new!
Towns in California with over 6000 residents: from citi-data.com:
There are many towns in the LA area in California: be a mover and a shaker in one of them; roar with us, or just let us roar about you!
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