According to the California Association of Realtors, low interested rates along with improvements in the overall economy help lift home sales in California from both last month and a year ago last month. Signs of stabilization are starting show after the median price dipped.
It is reported that February sales were up about 2.1% from January and up about 5.5% from last February. The statewide median price of an existing, single-family detached home dipped 0.6 percent to $266,660 in February from January’s $268,280 median price. The median price was down 1.7 percent from the revised $271,370 median price recorded in February 2011.
The California Association of Realtors resale housing report for February 2012 also reported that California’s housing inventory declined in February. The unsold Inventory Index for single-family existing detached homes decreased to 5.3 months in February, down from the 7.5 month February 2011 supply. This index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Comments(1)