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.
4 Comments:
So what happens when the Fed, the Feds, and California stop propping up the housing market?
There is no real estate recovery in California. Foreclosure rates remain at record highs. There is churning of some crappy homes in low income neighborhoods supported by speculators and FHA loans.
You would not want your family living in a median priced home anywhere in California.
I know realtors in California and they are all struggling. They are scared to death of 2010. The blogs and press reports from the NAR and CAR are optimistic, but it's their job to say "it's a good time to buy."
This is an outstanding time to buy in California. The trouble is few people can afford to. There are relatively few houses on MLS. Granted January is always a down month but with the tax credit expiring soon this is not promising.
I guess you missed the part about November home sales and mortgage applications being down, seasonally adjusted.
And after taking off our Avatar 3-D glasses and leaving the theater, we see this sober and informed reality about the housing market:
http://www.calculatedriskblog.com/2010/01/weekly-summary-and-look-ahead_24.html
US HOME SALES TUMBLE
Sales of previously owned US homes fell at the fastest pace on record in December as the boost from the tax credit faded. Existing home sales fell 16.7%. Sales fell in all four regions of the country.
Sales rose 4.9% in 2009 while prices fell 12.4%.
There were 3.29 million units for sale in December, a 7.2 months supply, up sharply from the 6.5 months supply in November.
NYT
It looks like your housing "recovery" was lifted by the balloon of government money. Now we're seeing the real state of the fragile housing market.
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