California Real Estate Recovery

California  Home Prices and Home Sales are improving (June 30, 2012)

June sales volume was 8.5% higher, compared to June 2011.

June’s median price was $320,540 – up 8.1% compared to $296,410 recorded in June 2011.

If you or someone you care about has been sitting on the sidelines, uneasy about prices, read this next sentence:

The June 2012 median price for a single family detached home was 30.7% higher than the cyclical bottom of $245,230 reached in February 2009.

California’s housing inventory of unsold single-family detached homes stayed level at just 3.5 months’ inventory.   This index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A 6-7 month supply is considered to be normal and balanced equally between buyers and sellers; California is in a sellers’ market.

Source: California Association of REALTOR®S


San Jose metro area Economy: housing supply and demand

One of the news services I subscribe to, Housing Trends E-Newsletter, had some wonderful graphics to share with you in this morning’s e-mail.   The data comes from the National Association of REALTORs, and shows which sectors are hiring.    California’s economy is growing a bit faster than the U.S. at large. 

On February 21, Fannie Mae stated that in 2012 the housing market will make a positive contribution to GDP growth for the first time in seven years.

Silicon Valley: Economy + Employment => Housing Demand