Has the California Housing Market Recovered?
Posted by Tony Leocadio Admin on Tuesday, June 29th, 2010 at 11:12am.While a few economists remain pessimistic about the housing recovery, the statistics seem to validate what the optimists are saying, “the recession is over.” Home prices and sales for April (the latest month available) are up. This
is not just in Southern California, but throughout the state.
Home prices held steady with the statewide median price coming in at $255,000, a 5.4% jump from the April 2009 price bottom. A total of 37,481 houses and condominiums sold in April, up 0.5% from March. One of the most
telling signs of recovery is that foreclosures made up only 38.1% of the sales in April, down from 54.6% in April 2009.
We still have our 10th consecutive month of rising sales and that can only be sustained by equity sellers entering the market, since there is such a dramatic decrease in REO (bank owned) properties. Equity sellers entering means that they feel prices have finished sliding, the bottom has hit, and prices are now beginning to rise, which in fact, they are.
The National Association of Realtors say homes rose 6% in April, nationally, from the previous month. Vacation home
demand, truly a barometer of how people rate the economy, has risen 17%.
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