On April 16, 2012, California Association of Realtors (C.A.R) reported that home sales in California were lower 4.5% to 505,360 homes from February of 2011, and up 2.3% to from March of 2011.
There were 4.1 months supply of available inventory homes in March 2012, down from 5.4 months of supply in February of 2012, and lower than 5.4 months supply from March of 2011. On average, it took 53.1 days to sell a home in March of 2012, compared with 57 days for the same time in March of 2011.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young, stated “In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average. These low inventory levels demonstrate that the pilot program is not necessary in California.”
It appears that home buyers were motivated by combination of historic low interest rates and lower priced distressed properties helped purchase real estate in March of 2012, a sign of the market showing some improvement. The increased home buying trend can help the overall economy to recover too.
For a complete more detailed information about the California Association of Realtors’ home sales report http://www.car.org/newsstand/news/march2012sales
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