CA Home Prices Increase for 6th Straight Month
Highlights from the DQNews report on California Home Sales in April:
1. An estimated 37,481 new and resale houses and condos were sold statewide last month. That was up 0.5 percent from 37,295 in March, and down 1.3 percent from 37,967 for April 2009 (see chart above).
2. The median price paid for a home last month was $255,000, unchanged from March, and up 15.4 percent from $221,000 for April a year ago (see chart above). The year-over-year increase was the sixth in a row, following 27 months of year-over-year decline. The median peaked at $484,000 in early 2007.
3. Of the existing homes sold last month, 38.1 percent were properties that had been foreclosed on during the past year. That was down from a revised 40.3 percent in March and down from 54.6 percent in April a year ago. The all-time high was in February 2009 at 58.8 percent.
MP: The sixth monthly year-over-year increase in California home prices in April starting last November (following 27 monthly declines) suggests that home prices in California bottomed in late 2009, and have been gradually moving up. This home price recovery in California is consistent with the MacroMarkets prediction that "the onset of price recovery in U.S. single family real estate is widely expected by 2011, and home prices will increase by more than 12.4% between 2010 and the end of 2014."