California Home Sales:
Median Price Sees Largest Jump In 33 Years
At Least 34.5% Of California Home Sales In May
Were $500K And Up
More good numbers in California home sales in May were just reported. The California Association of Realtors reports that the state's median home price increased to $417,350 from $316,460 in May 2012. This is an increase of 34.5% over may of last year, and that's the largest year-over-year jump since February of 1980. Additionally, the percentage of sales over $500K increased.
Here's a Video from the National Association of Realtors with some good numbers from a couple of weeks ago:
More currently still, here's an article from Gregory J. Wilcox in the Los Angeles Daily News with those numbers and a lot more:
"The median price of a previously owned house in California soared 31.9 percent in May, the largest year-over-year increase in more than three decades as sales of more expensive properties increased and inventory remained tight …"
Other Factors Also Support California Home Sales
There are other good things going on in the California Home Sales market as well. The market numbers are currently being supported by fewer REO sales and continuing low interest rates. Good news in the coming months can be supported by the fact that Buyers are using more conventional financing strategies and are also investing higher down payments than they have previously.
California Home Sales.