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A blog about the economy and the Sacramento-area real estate market.

July 27, 2009
California - a 4th straight month of rising median prices
sales-up-for southern-california-homes.jpgJune marked a fourth straight month of rising median prices - and a 10th straight month of existing home sales outperforming the same time a year earlier - the California Association of Realtors says in this statewide report out today.

 Sales prices climbed 4.2 percent from May to June, reaching $247,740, said the statewide trade group for real estate agents. Median is that point where half cost more and half cost less. A year ago, the median stood at $373,100.

(The Sacramento County median was $182,400 in June, up from $180,940 in May, but down from $220,630 a year earlier).

 Sales climbed 20 percent above those of June 2008. That puts the state on track for about 514,110 sales this year if current trends continue.

 Last year, fewer than 400,000 homes changed hands.

Strong demand, especially from first-time buyers, suggests the market might be able to weather new stresses, a CAR official says.
"Although another surge of foreclosures is expected later this year, demand remains strong so the market may be able to absorb more distressed properties without significantly impacting the median price," says CAR Chief Economist Leslie Appleton-Young.

Lenders foreclosed on 45,667 California homes in May, April and June, researcher MDA DataQuick reported last week, driving the total number of foreclosures to 410,000 since the start of 2007.

The Realtors' association said rising sales have cut inventory levels to 4.1 months. That's the time it would take to sell the market's current supply of homes for sale. That's down by nearly half from 7.6 months in June 2008.

Highest June median home price in California: Beverly Hills, at $1.775 million.

Image courtesy of findforeclosureproperties.com

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