Wednesday, March 10, 2010

CA Sales Ahead of US by 20 Months


Sales for existing homes in both the US and California markets bottomed out at the
same time in late 2007. However, it was mid-2009 before US sales of existing homes
began to show signs of improvement. By contrast, California's existing home market
experienced strong sales throughout much of 2008 and all of 2009. As of October
2009, sales in California were 28.9 percent ahead of last year for the first 10 months 
of the year, and have been above 500,000 for 14 consecutive months since
September 2008. For the year 2009, annual sales of existing single-family homes are
expected to increase 22.8 percent to 540,000, and are projected to reach 527,500
with an annual decline of 2.7 percent in 2010.

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C.A.R. releases 2009-2010 State of the California Housing Market


Affordable home prices, tax credits for home buyers, historically low interest rates, and a large number of distressed properties prompted many first-time home buyers to enter the market in 2009, according to C.A.R.'s 2009-2010 "State of the California Housing Market" report released today.

California's median home price hit bottom in February 2009 at $245,170.  Since then, the median home price has increased steadily in month-to-month comparisons, but remained below 2008 levels throughout 2009.  The annual median price is projected to increase to $280,000 in 2010 from $271,000 in 2009.

Homes priced $500,000 or less dominated the sales mix throughout 2008 and early 2009, but peaked at 85 percent in January 2009.  Meanwhile, the market share of homes sold for more than $500,000 increased from 15 percent in January 2009 to 25 percent in July 2009, holding steady around that figure for the remainder of last year.


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