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Improved Numbers for California and Sacramento

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Real Estate Agent

As reported by the California Association of Realtors, California median sale prices climbed on existing homes 4.2 percent in May.  This increase marked the third straight month of rising prices for the state.

In Sacramento County median price increased to $180,940 vs. $167,340 in April.  The California median sales price rose to $267,570 in May compared to April's $256,700. 

California Association of Realtors states the rising prices are attributed to a declining number of the cheap bank repos, as well as higher-end market sales improvement.

There is a report via The Sacramento Bee, titled, "Existing-home prices up for 3rd straight month" which goes into depth about the CAR report.

 

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Myrl Jeffcoat ActiveRain Signature
  

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Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

That's great but I'm a little worried that this is a plateau before another drop if the economy doesn't turn.

Jun 27, 2009 05:47 AM
Chris Fisher
Your Virtual Assistant - Concord, CA

It's about time.  We currently have 3 in escrow after a long dry spell.  I'm not used to the paperwork anymore!

Jun 27, 2009 05:51 AM
Jim Hale
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website

LET'S ALL HOPE;  AS CALIFORIA GOES, SO GOES THE NATION.

 

COULD BE TRUE.

 

Blogging enroute along I-5 in central CA!

Jun 27, 2009 06:39 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Russ - California implemented a 90 day moratorium on foreclosures which began the middle of this month.  Not all lenders are affected.  I am concerned there may be a new wave of foreclosures once the end of the 90 days is reached.  How the economy as a whole does, will hinge heavily on the job numbers as well.

Chris - I'm very hopeful.  There are people out there with jobs, money, and the most advantageous buying opportunity in years with housing.  Cheap prices and low interest rates make this a great time to buy a home.

Jim - I certainly hope that our California numbers bode well for the rest of the nation as alsol.

Jun 27, 2009 08:02 AM
William Johnson
Retired - La Jolla, CA
Retired

Hi Myrl, I would have to agree with Russ on this one. I always use the anology of the half full glass ( the positive in me) with a slow leak in it ( an attempt to balance hope with some sort of reality). The median price increase does not indicate that actual prices are going up, just the sales that are taking place are slightly higher in price than previously solds on average. The lesser amounts of REO vrs short sales would do this easily. As for values going up, we are not seeing any indication that values are returning or even increasing. But I love the optomism and if people will belive, I am all for it for the sake of the communities, the state and the nation. Things need to improve and any bit of positive news may help drive things to actually improve. Count me in as a dreamer beliver, :-)

Jun 27, 2009 08:03 AM
Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

They are smart to attribute it to a shift in what is selling rather than letting people assume prices are going up.  The shift is a good first step.

Jun 27, 2009 09:31 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

William - I love your analogy, "a half full glass, with a slow leak in it."  That's about as close to the truth as it gets.  By the way, I've missed seeing you around the Rain for the last couple of weeks.  I was beginning to worry about you, but hoped you were off galavanting and having a great time.

Richard - Yes, it is a very good first step. . .We can keep our fingers crossed.

Jun 27, 2009 02:15 PM
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Myrl:

That is great news for your area.

Let's hope it continues!

 

Jun 27, 2009 02:33 PM
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Hi Myrl!
I have certainly noticed the improvement in the upper end, non-foreclosure/short sale homes.  I had two of my listings sell within 3 days of being put on the market and have had 2 more go into escrow after a longer wait.  I am hopeful that this is a good sign for all of us...that Sacramento truly is going to lead the way out of this housing crisis.

Jun 27, 2009 03:29 PM
Gary Meek
Living in Sacramento Team - Roseville, CA
(916) 995-9385

I would have to say the house prices are jumping with the lower inventory and multiple offer situations.  I have buyers that are bidding 20% over asking and still not getting the deal.  The next wave of foreclosures is looming, and we need this little boost in value before the next wave hits and drives the values down or at least flattens them out again. 

Jun 27, 2009 05:15 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Myrl,

It's great to see some good news!  We were thinking of Sacramento last week, as a good friend relocated there because of his work.  Their home here in Tucson hasn't sold yet, so the family is still here and he's there.

Mike in Tucson

Jun 28, 2009 01:39 AM
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