California’s housing market continues improvement in June
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, C.A.R. reported this week.
Closed escrow sales of existing, single-family detached homes in California declined 8.6 percent in June from May’s revised 567,330 to a seasonally adjusted annualized rate of 518,460 in June. Year-over-year, June sales rose 8.5 percent. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the June pace throughout the year and is adjusted to account for seasonal factors that typically influence home sales.
Home prices continued to improve, with the median home price posting both month-over-month and year-over-year gains for the fourth consecutive month. The statewide median price of an existing, single-family detached home was $320,540 in June.
June’s price rose 1.3 percent from a revised $316,410 in May and 8.1 percent from a revised $296,410 recorded in 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.
It is safe to say that based on what is happening in our area where we are seeing multiple offers on properties, and they are selling within days of being listed, sometimes above list price, this information is valid.
