California Home Prices Expected to Rise 9.1 Percent This Year
California home prices
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently issued its mid-year housing market forecast. Based on C.A.R.’s forecast, the median home price in California is expected to rise 9.1 percent this year compared with last year, while sales of existing, single-family homes will decline 4.7 percent. Rates on 30-year, fixed-rate mortgages will rise to 5.3 percent compared with 5.1 percent in 2009 and 15-year mortgages will average 4.2 percent compared with 4.7 percent last year, according to the forecast
Chula Vista California real estate
California Home Sales Up 43.4% – Home Prices Down 40.3%
Last week the California Association of Realtors reported California home sales increased 43.4 percent in July compared to the same period a year ago, while the median price of an existing home fell 40.3 percent.
"Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month," said C.A.R. President William E. Brown. "Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000, conforming loan limits likely had an impact on closed sales."
The median price of an existing, single-family detached home in California during July 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007. The July 2008 median price fell 4.5 percent compared with June's revised $367,130 median price.Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent.
A few of our prior posts on California home sales & home values were:
Commercial Real Estate Prices Fall 11.8% from Peak
Southern California Highest Sales … Prices Still Falling
More homeowners than ever are selling at a loss!
Another Look at the June Rise in Pending Home Sales
San Diego California real estate