Real Estate Recovery Continues in California
DQNews -- "An estimated 41,837 new and resale houses and condos were sold statewide last month. That was up 16.7% from 35,860 in November, and up 10.6% from 37,836 for December 2008 (see chart above). An increase in sales from November to December is normal for the season.
The median price paid for a home last month was $264,000, up 1.1% from $261,000 in November, and up 6.0% from $249,000 for December a year ago. The year-over-year increase was the second in a row, following 27 months of year-over-year decline. The median peaked at $484,000 in early 2007 and hit a low of $221,000 last April.
Of the existing homes sold last month, 41% were properties that had been foreclosed on during the past year. That was up from a revised 40.1% in November and down from 55.2% in December a year ago. It peaked at 58.8% last February."
Regional reports for California:
La Jolla, CA---"Southern California home sales in December remained above year-ago levels for the 18th consecutive month, bolstered by gains in many mid- to high-end communities. The median sale price rose year-over-year for the first time since summer 2007, reflecting a more normal distribution of sales across all price categories, a real estate information service reported.
The median paid for all Southland houses and condos sold in December was $289,000, up 1.4 percent from $285,000 in November and up 4 percent from $278,000 a year earlier. The last time the median increased year-over-year was in August 2007, when it rose 2.7 percent to $500,000, near its peak."
La Jolla, CA.----"The Bay Area housing market last month continued its step-by-step climb up from the bottom with upticks in sales as well as prices. Many of the underlying trends are shifting slowly, if at all, indicating sluggish change in market fundamentals, a real estate information service reported.
The median price paid for a Bay Area home was $380,000 in December. That was down 1.8 percent from $387,000 for the month before, and up 15.2 percent from $330,000 for December 2008. Last month was the third in a row with a year-over-year gain, after 22 months of decline. The median hit bottom at $290,000 last March, well off the $665,000 peak reached in June and July of 2007."