April home sales and price report

Spring home buying season off to strong start,

home sales and price post impressive April results, C.A.R. reports

LOS ANGELES (May 15) – California home sales and median price both jumped in April, with sales shooting up to their highest level in more than two years, and the median price rising above $300,000 for the first time in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“A brighter economic picture, coupled with record-high housing affordability, pushed the spring home buying season off to a strong start,” said C.A.R. President LeFrancis Arnold. “With a continuing improving economy and interest rates declining to new record lows in recent weeks, we should see a steady improvement in the housing market throughout the end of the year.”

Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted annualized rate of 555,300 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in April were 10 percent higher than March’s pace and 11 percent higher than in April 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home climbed 5.7 percent in April to $308,050, up from March’s revised $291,330 median price and 4.7 percent from a revised $294,140 recorded in April 2011. The median price rose above the $300,000 mark for the first time since December 2010.

“The median home price climbed for the second straight month with solid gains from both the previous month and year,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “A sales improvement in the higher price segments of the housing market was a contributing factor to the price increase, as non-seasonally adjusted sales of homes priced higher than $500,000 increased nearly 11 percent, while sales of homes below $500,000 edged up a modest 2.1 percent.”

“Additionally, the strong sales increase of higher-priced homes resulted in a considerable decline of inventory of homes in the higher price ranges when compared with last year. This signifies the tight supply conditions we’ve been experiencing in the lower price ranges over the past several months are now extending into the upper price ranges.”

For the full report click here:  http://www.car.org/newsstand/newsreleases/2012releases/aprilsales

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