California Home Sales:
Califonia Among Leaders In Continuing Increase In Home Values
California Home Sales Prices Rise 17.2%
Year Over Year In March
The rise in California home sales prices continues. CoreLogic is reporting that nationwide the home price index rose 10.5% in March from the level it held in March of last year. Nevada let that rise at 22.2%, while California home sales put the state in 2nd place at 17.2%. Arizona, Idaho, and Oregon completed the top 5 in that order.
The rise in prices nationwide and in California home sales is being driven by rising demand among both home buyers and investors, combined with a lack of inventory.
Here's the press release from CoreLogic published in the Sacramento Bee:
"IRVINE, Calif., May 7, 2013 --Including distressed sales, the five states with the highest home price appreciation were: Nevada (+22.2 percent), California (+17.2 percent), Arizona (+16.8 percent), Idaho (+14.5 percent) and Oregon (+14.3 percent)..."
"Selling Season" Supports Short Term Continuation
Of Upward Movement In California Home Sales Prices
With a rise in prices as steep as we've seen, both nationally and in California home sales figures as well, some analysts feel the market may be overblown and due for a correction. However, it's being buoyed increasing demand, lack of inventory ... and now one more seasonal influence. We are moving into what is known as "selling season". The summer months are traditionally a much more active time in the residential real estate market. Children are out of school and besides, no one wants to move in the winter when there may be snow on the ground. So, here we are in a market that is just approaching what is usually the "best" time of the year. The "selling season" influence is poised to combine with the other factors supporting the market and will probably keep California home sales prices rising through the summer.
California Home Sales.