California Home Sales Start Strong In 2016
by Lydia Aguayo, Broker Associate with Keller Williams Downey
California existing home sales have started out strong in 2016.
According to the California Association of Realtors (CAR.org) existing home sales in California posted their best January sales in the past three years.
CAR.org’s. President Pat “Ziggy” Zicarelli quotes, “While home sales increased year over year in January, they decreased minimally on a monthly basis, primarily due to a stronger than usual sales gain in December 2015, when the backlog of mortgage approvals caused by new loan disclosure rules were carried over from November.”
Realtor.com reports that of the 20 Hottest real estate markets throughout the United States, eleven of the twenty hottest real estate markets are located here in California.
Increase In The Number Of Homes Sold
Existing single-family home sales totaled 383,670 in January, 2016. That represents an increase of 8.8 percent in the number of existing homes sold during January, 2016, as compared to the number of homes sold during January 2015.
Increase In The Price Of Homes Sold
Also, the median home price of an existing family home in California also rose a 9.2 percent from January 2015 to January, 2016.
The year-to-year price gain was the largest since May 2014 and marks the fifth consecutive month of home price acceleration, reflecting an ongoing shift in sales activity toward higher-priced properties.
Chief Economist Leslie Appleton-Young, states that the volatility in the equity market in the few weeks, couple with increasing uncertainly about the impact on economic growth, however may lead potential home buyers and sellers to take a “wait and see” approach, which could erode housing market activity in the upcoming months.
Lower mortgage rates and our gradual but consisting improving economy has helped fuel the desirability of home purchasing.
As we go into the year, we at DowneyHomes.org will keep you informed of any significant changes in California’s real estate market.