California Home Sales:
Prices Soar Across Southland
California Home Sales Numbers Show Large Jumps
In Both Price And Activity
All across the Southland, the California Home Sales market is posting some really impressive numbers. Prices are way up, as anyone with any knowledge will tell you, but activity has increased as well. In the San Fernando Valley the median price of a home increased by 39% in May of thixs year over last year.
The good news is not restricted to resale market. Sales of new homes posted their highest rates in five years.
Here's the complete run down on California home sales from Gregory J. Wilcox in the Los Angeles Daily News
Prices in the Los Angeles metro area are up 19 percent from a year ago, according to a widely watched index released Tuesday. ... In the San Fernando Valley, the median price of a previously owned home soared a record 39 percent in May and cracked the half million mark again, a trade group said. ... And San Bernardino County's median price jumped 28 percent last month, according to market tracker DataQuick...."
Are California Home Sales Numbers Bubble-Bound?
Some analysts have begun to worry that, with such good numbers posted recently, the California home sales market might be in the beginnings of another "bubble" experience. Actually, the fundamentals of the market are solid and so are the "technical" indicators. We should expect a slow down to the rise in prices and activity to begin to kick in within the next couple of months, but that will be normal and healthy market adjustment activity. Those who are seeing "bubble activity" in the California home sales market at this point, may be getting a bit "overblown" themselves.