California realtors report 100.8 percent jump in existing home sales
As the price of homes fall across California, the California Association of Realtors reported an increase of 100.8 percent in existing, single-family home sales in January compared to last year. Additionally, sales in the state were up 14 percent over last month, indicating a slow reversal of the housing slump.
As home prices fall across California, the California Association of Realtors reported an increase of 100.8 percent in existing, single-family home sales in January compared to last year. Additionally, sales in the state were up 14 percent over last month, indicating a slow reversal of the housing slump.
James Liptak, C.A.R.'s president, said the 624,940 existing, single-family homes sold in January (based on a seasonally adjusted annualized rate) marked the first month that sales passed 600,000 since October 2005. “The strength in California home sales in recent months signifies that the market is gradually working its way through the large numbers of distressed sales that have followed in the wake of the troubled mortgage problem. With favorable home prices and historically low mortgage rates, affordability in the California housing market is now at its highest since the start of the decade,” he said.
The median price of an existing, single-family detached home in California during January 2009 was $254,350, a 40.5 percent drop from last year. The January 2009 median price also fell, at a rate of 9.5 percent, compared to last month.
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in January 2009 was 6.7 months, compared with 16.6 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. The median number of days it took to sell a single-family home was 49.9 days last month, compared with 70.8 days (revised) for the same period a year ago.
Statewide, the 10 cities with the highest median home prices in California during January 2009 were: Santa Barbara, $939,250; Redondo Beach, $672,500; Pleasanton, $655,000; San Clemente, $602,500; San Ramon, $582,000; Yorba Linda, $566,750; San Francisco, $561,000; Huntington Beach, $555,000; Encinitas, $550,000; and Sunnyvale, $530,000.
As home prices fall across California, the California Association of Realtors reported an increase of 100.8 percent in existing, single-family home sales in January compared to last year. Additionally, sales in the state were up 14 percent over last month, indicating a slow reversal of the housing slump.
James Liptak, C.A.R.'s president, said the 624,940 existing, single-family homes sold in January (based on a seasonally adjusted annualized rate) marked the first month that sales passed 600,000 since October 2005. “The strength in California home sales in recent months signifies that the market is gradually working its way through the large numbers of distressed sales that have followed in the wake of the troubled mortgage problem. With favorable home prices and historically low mortgage rates, affordability in the California housing market is now at its highest since the start of the decade,” he said.
The median price of an existing, single-family detached home in California during January 2009 was $254,350, a 40.5 percent drop from last year. The January 2009 median price also fell, at a rate of 9.5 percent, compared to last month.
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in January 2009 was 6.7 months, compared with 16.6 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. The median number of days it took to sell a single-family home was 49.9 days last month, compared with 70.8 days (revised) for the same period a year ago.
Statewide, the 10 cities with the highest median home prices in California during January 2009 were: Santa Barbara, $939,250; Redondo Beach, $672,500; Pleasanton, $655,000; San Clemente, $602,500; San Ramon, $582,000; Yorba Linda, $566,750; San Francisco, $561,000; Huntington Beach, $555,000; Encinitas, $550,000; and Sunnyvale, $530,000.
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