California home sales on the rise | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on January 10, 2011

in Buyers, Latest News, Sellers

According to the latest data published by the CAR (California Association of Realtors) home sales were up in November. This is a positive sign, although the sales numbers compared with 2009 numbers show a slight decline.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted rate of 490,950 in November. Sales were up 9.2% from October, but were down 8.6% from the revised 536,940 sales pace recorded in November 2009.
“We are encouraged by November’s sales increase, but realize a more sustained recovery is being hampered by the distressed market,” Beth L. Peerce, president of CAR commented on the numbers. “While were are experiencing a greater share of short sales, these transactions are notoriously difficult to navigate with no guarantee of closure. A recent CAR survey indicated that it takes many lenders 90 days or more simply to communicate whether a short sale has been accepted, causing tremendous frustration for buyers and sellers. Moreover, the survey found that more than two out of five short sale transactions never close. The housing market can’t fully recover until lenders streamline and improve the short sales process, which would help expedite transactions,” Peerce said.
Looking back to 2010 we can see that the median price of an existing single-family detached home located in the state of California fell below $300,000 for the first time in February and never managed to keep it above that mark. The November 2010 median price was $296,820.
“Unsold inventory declined slightly in November, as the number of active listings fell from October, particularly for homes priced above $500,000,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “The decline in listings was reflective of seasonal factors and the foreclosure moratorium that took place in October,” she said.

Posted on Irvine Orange County Real Estate Market News

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