Favorable market conditions, economic improvement lead to increased home sales, higher median price
LOS ANGELES (April 14) –Improvement in the overall economy and favorable market conditions led to increases in both the median price and home sales in March, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 514,090 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in March increased 3.1 percent month-over-month and 1.5 percent year-to-year, aligning with C.A.R. sales expectations for 2011. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“For the first time in many months, we are seeing a genuine improvement in the overall economy, especially with respect to jobs,” said C.A.R. President Beth L. Peerce. “However, while interest rates and current home prices are favorable, uncertainty about whether the economy has stabilized, concerns about inflation, and an unresolved state budget have created hesitation among buyers.”
The statewide median price of an existing, single-family detached home sold in California increased 5.4 percent in March compared with February to $286,010, but declined 4.9 percent compared with March 2010’s median price of $300,900.
“While March’s median home price declined year-over-year , the decline can be attributed partly to an increase in distressed sales in recent months, and to last year’s federal home buyer tax credit, which pushed both sales and home prices higher,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “As for market activity, the pace of sales for the first three months of this year is in line with our expectations for all of 2011.”
For the full report visit the CAR website by clicking on the link below.
No comments:
Post a Comment