California home prices increase year-over-year in March

By
Real Estate Broker/Owner BRE# 01353757
http://actvra.in/zqG

The decision to pursue homeownership may be based on many factors: everything from a friend’s decision to purchase a home or a family member’s advice against “throwing your money away on rent” to your bad experience with a landlord or the noisy neighbors sharing your wall. While all of those scenarios (minus peer pressure, of course) may inspire valid arguments for considering the purchase of a home, how do you determine if you’re genuinely ready to join the ranks of homeowners? After all, buying a home is a massive decision and includes multiple, long-term financial and lifestyle obligations. The average person spends around 1/3 of their income on their home. You’ll still need to do the work to make sure your personal finances and holistic life picture are also in alignment before you buy, as well of the work it takes to ensure that your real estate and mortgage decisions are sustainable and smart, over the long-term. A good Buyer’s Agent is invaluable to a Buyer, and can be the difference between a wonderful transaction, and a nightmare. Here is an interesting article worth a few minutes of your time:

 

 

California home prices increase year-over-year in March
California home sales declined in March from February’s pace, while the median home price snapped a 16-month annual price decline and posted its first year-over-year gain, C.A.R. reported recently.

The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011.  The month-to-month increase was the largest since March 2004.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 505,360 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in March were down 4.5 percent month-over-month and 2.3 percent year-to-year. 

“Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average.  These low inventory levels demonstrate that the pilot program is not necessary in California.”

The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors...
 

 

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Broker, Agent, or/and MLS provider does not guarantee the accuracy of: 1- the reports, charts, articles, and also the information from links to other websites. 2- Square footage, lot size or other information regarding the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website. Many articles may be time and date sensitive so please always look at the date posted. Consult your tax advisor, financial planner, attorney, or/and appropriate professionals concerning your personal specifics. Interested parties are advised to independently verify the accuracy.                                                            

                                                          Frank Moham  DRE LIC. #01353757

 

 

 

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Rainmaker
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Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Frank,  great news for all of us Realtors in California...and thanks for sharing with us in ActiveRain Land.

Apr 23, 2012 04:07 AM #1
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Rainmaker
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Frank Farahbakhsh Moham

ABR®, ePRO®, GREEN®, TRC®, VRM®, SFR®, REALTOR®
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