On June 15, 2012, California Association of Realtors (C.A.R) reported that home sales in California were higher 3.4% to 553,670 homes from April of 2012, and 21.5% higher from May 2011.
There were 3.5 months supply of available inventory homes in May 2012, lower than 4.2 months supply from April of 2012, and lower than 5.7 months supply from May of 2011. On average, it took 46.6 days to sell a home in May of 2012, compared to 48.9 days in April 2012, and 52.0 days for the same time in May 2011.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young, stated “Low housing inventory continues to be the critical issue in the California market,” and “Inventory levels have not been this low since December 2005.”
CAR’s May 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 May 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’ May 2012 home sales report, please CLICK HERE
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