California’s housing market moved at its fastest pace — and biggest year-over-year gain — in three years in May, according to the California Association of Realtors.
The Realtors’ May report noted these trends for single-family detached homes:
- Homes sold at an annual rate of 572,260, up 21.5 percent from May 2011.
- That’s biggest year-over-year sales increase since May 2009.
- That’s the fastest sales pace was the highest since February 2009.
- Statewide median price was $312,110 in May. That’s up 6.6 percent in a year and highest since September 2010.
- California’s housing inventory — the Realtors’ Unsold Inventory Index measuring time needed to sell the entire inventory at the current buying pace — fell to 3.5 months vs. 5.7 months in May 2011.
- Median number of days it takes to sell a single-family home? 46.6 days vs. 52.0 days in May 2011.
CAR President LeFrancis Arnold: “California home sales were strong in May, continuing the gradual recovery of the California housing market. … First-time buyers are recognizing that the housing market has hit bottom and are now seeing a sense of urgency to take advantage of ultra-low interest rates and advantageous home prices. Additionally, trade-up buyers are returning to the market after sitting it out for the past few years to get in on favorable home prices.”
CAR pegged Orange County’s median selling price for single-family homes in May at $ 538,340 — down 1.2 % in a year. Local sales volume, by this Realtor math, was up 22.9%.
Orange County Register 6/15/12 by Jon Lansner
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