California Home Sales:
Median Home Price Climbs
California Home Sales Decrease and Prices Climb As Supply Decreases
The number of affordable homes decreased recently, and California Home Sales dropped as a result. With fewer REO properties and distressed properties on the market, prices have risen and caused some buyers to back off.
Here's an article by Alejandro Laszo from today's LA Times about California Home Sales, and this subject in particular:
Median home price in Southland climbs as supply is squeezed
"Southern California's median home price climbed to a high not seen in more than four years even as sales plummeted -- the latest sign that the housing market is becoming increasingly competitive, with fewer homes available. Sales declined for the first ..."
California Home Sales Market Becomes More Competitive
It's obvious from these numbers that the California Home Sales market is becoming more competitive. This can be both good news and bad news. Everything is tied to the jobs market. If the recent good employment numbers continue in that direction, then the higher prices being demanded by homes in our market will become more viable to buyers, and California Home Sales will continue to show improving numbers.