According to the California Association of Realtors, "California’s housing market continued to show signs of improvement in June, as home sales experienced solid gains annually and home prices reached their highest level since August 2010. "
“Although home sales throughout the state continued to improve compared with a year earlier, we did see a modest dip compared with May,” said C.A.R. President LeFrancis Arnold. “Potential home buyers are frustrated by limited number of homes on the market for sale and growing discouraged by signs that the economy is slowing.”
Watch the video below:
To recap:
- Sold homes in California declined 8.6 percent in June from last month
- June sales rose 8.5 percent from June 2011’s sales.
- Home prices continued to improve, with the statewide median price of an existing, single-family detached home was $320,540 in June.
- June’s price rose 1.3 percent since the previous month and 8.1 percent over June 2011. The June 2012 figure was 30.7 percent higher than the cyclical bottom of $245,230 reached in February 2009. The median price has posted above the $300,000 level for the third straight month after remaining below that mark for 15 months.
- California’s housing inventory remains low in June. (Buyers want fresh houses to look at)
- “The lack of inventory continued to impact California’s housing market this month. Tight supply is putting upward pressure on home prices, but it also is restraining sales demand, especially in lower-price segments” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In June, sales below $300,000 declined 4.1 percent from the previous month, while sales of homes priced higher than $500,000 increased 2.3 percent.”
- Interest rates are still extremely low and Jumbo loans are becoming easier to secure.
If you would like to talk to me about how your house may do in today's market, contact me today!
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