CNNMoney.com recently featured an eye-catching article claiming that even while the housing market across the country is "shrouded with uncertainty", there are glimmers of stability in California.
"Home prices are rising in virtually every corner of the state. They've climbed for nine consecutive months, and in July posted a 10.4% gain year-over-year. That puts the state's median price at $315,000 -- nearly twice the national median of $183,000".
California was hit particularly hard, so it's no wonder this market is showing a better than average recovery.
The article went on to explain that the California economy is picking up because "even in a recession, it has remained one of the world's 10 largest economies, mainly because it is driven by every major industry -- aerospace, tech, software, finance, agriculture, tourism. So as more of those industries recover and employment picks up, demand for housing will jump".
Another positive factor for the recovery for the California market is "the lack of developable land .... pushing home prices up".
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