Murrieta, California Home Sales in January 2012
The California Association Realtors reported Wednesday that California home prices decreased in January as sales shifted toward “distressed” properties bringing the prices lower.
The median sales price of a single-family detached home fell to $268,280 in January, down 6.7 % from $285,920 in December.
Here in Murrieta, we actually saw a gain in our median sales price, from $276,054 in December, 2011, up 2.4% to $282,614 in January 2012. While it isn’t a huge increase, it’s still uplifting news for Murrieta home sellers.
Closed escrows of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 517,740 in January, down 0.6 % from December. This is according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLS’s statewide.
“The decline in the January median home is largely a reflection of an increase in the share of distressed home sales,” C.A.R chief economist Leslie Appleton-Young said. “Seasonal factors in the non-distressed market also played a role in the softening of the median home price, as prices typically decline in the non-peak home buying season.”
We certainly saw a slow month in January here in Murrieta, but as spring approaches things are sure to pick up.
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