More on the California Real Estate Recovery
· Existing, single-family home sales increased 4% in the month of December to a seasonally adjusted rate of 558,320 units on an annualized basis, from 536,846 in November. Statewide home resale activity increased 1.7% from the revised 549,190 sales pace recorded in December 2008.
· The statewide median price of an existing single-family home increased 0.8% in December to $306,820, compared with November 2009.
· For the second consecutive month, California’s median home price rose year-to-year in December, and had the largest year-to-year increase in more than three years.
· C.A.R.’s Unsold Inventory Index fell to 3.8 months in December, compared with 5.6 months in December 2008.
· The median number of days it took to sell a single-family home was 35.3 days in December 2009, compared with 46.3 days for the same period a year ago.
MP: Increasing sales + increasing median home prices + falling unsold inventory + falling median selling time = Real Estate Recovery.