Explore Properties at Southern California: California Association of Realtors

The California Association of Realtors reported that January median home sold price increased 15 percent and that state home sales decreased 10.6 percent.

Facts:
· Existing, single-family home sales decreased 3 percent in January to a seasonally adjusted rate of 539,040 units on an annualized basis compared with December 2009.
· The statewide median price of an existing single-family home decreased 6.3 percent in January to $287,440, compared with December 2009.
· C.A.R.’s Unsold Inventory Index fell to 5.8 months in January, compared with 7.3 months in January 2009.
“Many sales that closed escrow in January were on homes with offers accepted during the holiday season--a time when many house hunters are first-time buyers,” said C.A.R. President Steve Goddard. “First-time buyers typically purchase homes priced below an area’s median home price. Reflecting this, the percentage of homes priced under $500,000 increased to 77 percent of all sales in January, compared with 75 percent in December.
“Despite the year-to-year decline, sales remained above the 500,000 unit threshold for the 17th consecutive month, holding steady at pre-peak levels from early in the last decade,” said Goddard.
The median price of an existing, single-family detached home in California during January 2010 was $287,440, a 15 percent increase from the revised $249,960 median for January 2009, C.A.R. reported. The January 2010 median price decreased 6.3 percent compared with December’s $306,820 median price.
Highlights of the California Assoc. of Realtors resale housing figures for January 2010:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in January 2010 was 5.8 months, compared with 7.3 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
. Thirty-year fixed-mortgage interest rates averaged 5.03 percent during January 2010, compared with 5.05 percent in January 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.33 percent in January 2010, compared with 4.92 percent in January 2009.
. The median number of days it took to sell a single-family home was 33.8 days in January 2010, compared with 50 days (revised) for the same period a year ago..

In California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly175,000 members dedicated to the advancement of professionalism in real estate.

Source: California Association of REALTORS^® -

See article - January sales and price report. California Association of Realtors - click here.

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Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA. CA DRE #01410855. ExploreProperties@gmail.com. Lawyer member of the California State Bar Association - State Bar number 69137. Helping People with their Best Decisions About Real Estate at Orange County, California.