On May 15, 2012, California Association of Realtors (C.A.R) reported that home sales in California were higher 10.0% to 555,300 homes from , from March of 2012, and 11.0% from April 2011.
There were 4.2 months supply of available inventory homes in April 2012, almost same as March of 2012, but lower than 5.6 months supply from April of 2011. On average, it took 49.3 days to sell a home in April of 2012, compared with 53.2 days for the same time in April of 2011.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young, stated “A sales improvement in the higher price segments of the housing market was a contributing factor to the price increase, as non-seasonally adjusted sales of homes priced higher than $500,000 increased nearly 11%, while sales of homes below $500,000 edged up a modest 2.1%.”
CAR’s April home sales report is very good news. It appears that home buyers were motivated by historic low interest rates and lower priced distressed properties helped buy properties in April of 2012, a sign of the market showing some improvement. The increased home buying trend can help the overall economy to recover as well.
For a complete more detailed information about the California Association of Realtors’ April home sales report, please visit http://www.car.org/newsstand/newsreleases/2012releases/aprilsales