California Home Sales increase in December

House - BSN

(Best Syndication News) - California housing sales increased 15.5 percent in December compared to November sales numbers. Around 37,734 new construction homes, resale homes, and condominiums sold in the state, which was up from November’s number of 32,669 sales. The average home-sale volume in California is 44,063, according to the latest Data Quick report.

There is still more room for improvement in California housing values. The median price was $246,000, which increased only 0.8 percent or $2,000 from November’s values. The median home price declined 3.1 percent when comparing to the year-over-year price. In December 2010, the median sale price was $254,000. The lowest median home price in California was in April 2009, when it reached an average price of $221,000. Comparatively, the highest median value was in the early part of 2007, when the average price was $484,000.

San Bernardino County median home price dropped $2,000, to $150,000, in December 2011 compared to December 2010. Overall, Southern California saw a greater drop in median home prices of a 6.9 percent drop in home values of $290,000 in December 2010, which dropped down to $270,000 in December 2011. Ventura and Los Angeles County's YOY median home prices dropped the farthest in December, with an 8.5 percent and 7.6 percent decline respectively.

California real estate values and home ownership still has more to recover. Over half of the home sales were from foreclosure listings or “short sales.” Things have been improving though. The foreclosure sales in December were 34.2 percent of the properties, versus 58.5 percent of the home sales in February 2009. Short sales in December accounted for 20 percent of the properties sold, which was about the same as November. However, in December 2010, short sales made up only 17.8 percent of the home sales.

Monthly mortgage payments averaged $935 in December 2011, which was up from $931 the month before. In December 2010, the average monthly mortgage payment was higher at $1,055.

Data Quick reported that the real estate market in California is still distressed, but it is changing. There is still a high amount of foreclosures on properties, but there is not an increase. Financing with a second mortgage is low they report.

By: Dave Reddy



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