Friday, June 26, 2009

Housing Market Turning Around?

Could the CA housing market be turning around? The first clue would be declining inventory of unsold homes:

Sales of existing homes are continuing to surge in California, according to the California Association of Realtors, but since many of them are distressed properties, median prices are continuing to sag.

Home sales in May were 35.2 percent above those of May 2008, CAR reported today, but the median price was 30.4 percent lower. Nevertheless, the median price of $267,570 was 4.2 percent higher than April's median, and the inventory of unsold homes dropped to 4.2 months in May, less than half the rate a year earlier.

The pace of buying is picking up and the number of homes available is dropping.

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