California Home Sales:
May Numbers Post A 7 Year High
Prices & Activity Hold High Numbers As Several Influences Bolster California Home Sales
The California home sales market is still posting impressive numbers. Buyers poured lots of cash into the market in May and activity posted a 7 year high while prices held a 9 year high.
There are many things bolstering the market right now. The economy is generally stronger than it was last year, mortgage rates are still relatively low, prospective buyers have built up a lot of demand over the last few years, and many folks are looking at the California home sales market and seeing a home as a good investment. There are those who feel that some or even all of these influences might be changing soon, but for right now they are contributing to a very strong market.
Here's an article by Gregory J. Wilcox in the San Bernardino Sun that will give you all the numbers:
"We're deep into uncharted territory: Amazingly low mortgage rates, a razor-thin inventory of homes for sale, and the release of years' worth of pent-up demand. Plus there's a seemingly endless stream of investors and non-investors who pay cash and thereby avoid the loan-qualification process. How this all plays out is educated guesswork at this point," John Walsh, DataQuick president, said in a statement." …
What's The Future For California Home Sales?
There is agreement right now between most analysts that the California home sales market is finally healing. However, there is also uncertainty. There are those who foresee sunny days ahead and those who forecast outright doom. As usual, the reality will most probably lie somewhere in the middle of those two extremes. The market has sustained a long upward push from the depths at this point and a "resting" period, or even a compensating "pull-back" is certainly not out of the question. Only time will tell when this period begins and how long it will last.
California Home Sales.