The Extreme Real Estate Machine: October home sales and price report

October home sales and price report For release -November 15, 2012
Summary
California housing market continues strong performance in October:
LOS ANGELES (Nov. 15) – California’s housing market continued its momentum in October, posting strong year-over-year sales and price gains in nearly every county of the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
“Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state,” said 2013 C.A.R. President Don Faught. “Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve. Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October.”
The statewide median price of an existing, single-family detached home declined 1.1 percent from September’s $345,000 median price to $341,370 in October. October’s price was up 23 percent from a revised $277,450 recorded in October 2011, marking the eighth consecutive month of annual price increases and the fourth consecutive month of double-digit annual gains. The year-to-year increase was the largest since May 2010.
“Other key facts of C.A.R.’s October 2012 resale housing report include:
California’s housing inventory tightened in October, with the Unsold Inventory Index for existing, single-family detached homes dropping to 3.1 months, down from 3.7 months in September and a revised 5.5 months in October 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.

• Homes continued to sell at a faster pace in October, with the median number of days it took to sell a single-family home falling to 38 days in October 2012 from 39.3 days in September and down from a revised 55.1 days for the same period a year ago.
For full report click here: http://www.car.org/newsstand/newsreleases/2012releases/octobersales
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