L.A. County home sales up during November compared to last year

Median home prices and sales in California both increased in November in year-to-year comparisons, according to a report released Tuesday by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

MAKING SENSE OF THE STORY FOR CONSUMERS

• The median home price of an existing, single-family home rose 5.8 percent in November compared with a year ago, the first time the median home price has increased in year-to-year comparisons since August 2007.  In month-to-month comparisons, California’s median home price increased 2.4 percent.  The median home price in California has risen steadily each month beginning with February 2009.

• Home sales also rose in November, increasing 4.7 percent compared with November 2008.  Closed escrow sales of existing, single-family homes totaled 536,720 units in November, on a seasonally adjusted annualized rate, according to C.A.R.’s report.  The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the November pace throughout the year.

• “First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original Nov. 30 expiration,” said C.A.R. President Steve Goddard.  “The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months.

• “With sales bottoming out more than two years ago, and the median home price reaching its trough in February 2009, California remains ahead of the nation in market recovery,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young.  “The median price for most regions hit bottom during the first half of the year, and the statewide median home price now is nearly $60,000 higher than its lowest point in the current cycle.

Related articles

• Another Big Gain in Existing-Home Sales as Buyers Respond to Tax Credit (realtor.org)
• #Realestate Housing bottom behind us, experts say (visionaryrealtynews.com)

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