California Sales and Price Report for January

                          

Closed escrow sales of current, single-family detached properties in California totaled a seasonally adjusted annualized rate of 546,420 in January, according to information and facts collected by C.A.R. from over 90 neighborhood REALTOR associations and MLSs statewide, representing 90 percent with the market. January’s sales had been up 5.1 percent from December’s revised pace of 520,080 and up 2.five percent from the 532,870 sales pace recorded in January 2010. It was the very first year-over-year sales raise because May perhaps 2010. The statewide sales figure represents what will be the total quantity of homes sold throughout 2011 if sales maintained the January pace throughout the year. It is actually adjusted to account for seasonal factors that normally influence house sales.

 

The statewide median cost of an current, single-family detached home sold in California was $278,900, down 8.6 percent from a revised $305,020 in December and was down 2.0 percent from the $284,600 median price recorded for January 2010. The January 2011 median price was the lowest considering that June 2009, when it was $274,640.

 

Although costs ordinarily fall seasonally in January and February of every single year, the decline in the median value can mainly be attributed for the aftereffects of final fall’s foreclosure moratoria. Far more distressed properties are coming on to the marketplace, which led to an uptick in sales of distressed properties throughout January. We expect this trend to continue as lenders expedite the disposition of these properties.

 

Here are other highlights of C.A.R.’s resale housing report for January 2011:

 

The Unsold Inventory Index for existing, single-family detached properties was 6.7 months in January, up from 5.0 months in December 2010. The index was 5.7 months in January 2010. The index indicates the amount of months necessary to deplete the volume of properties available in the present sales rate.

 

Thirty-year fixed-mortgage interest rates averaged four.76 percent throughout January 2011, compared with 5.03 percent in January 2010, in accordance with Freddie Mac. Adjustable-mortgage interest rates averaged three.25 percent in January 2011, compared with four.33 percent in January 2010.

 

The median number of days it took to sell a single-family household was 61.8 days in January 2011, compared with 32.9 days for the identical period a year ago.

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Category : Blog &How's the Market?

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