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California Home Sales Dip, Prices Don't

by devteam June 13th, 2014 | Share

Sales of new and existing homes in thernpreviously superheated California market slid again in May.  Sales totaled 37,734 houses and condosrnstatewide during the month, down 0.7 percent from the 37,988 which sold in Aprilrnand 14.4 percent below statewide sales of 44,087 units in May 2013.</p

DataQuick said that historically Mayrnhome sales have ranged from a low of 32,223 in 1995 to 67,958 in 2004.  The average for sales in May over the 27rnyears for which the company has collected data was 46,214 units and the Mayrn2014 figure was 18.3 percent off of that average.  DataQuick said that California sales have notrnexceeded the average for the relevant month in more than eight years.</p<pOn the other hand,rnlast month was the 27th consecutive one in which the state’s median salernprice rose on an annual basis.  The medianrnprice in May was $386,000.  This wasrn$3,000 and 0.8 percent higher than the median in April and 13.5 percent higherrnthan in May 2013.  Last month’s medianrnsale price was the highest since December 2007 when it was $402,000.  The peak median price in California, reachedrnin the spring of 2007, was $484,000.  Pricesrnin the state bottomed out from the peak in April 2009 at $221,000.<br /<br /Distressed sales made up about 13 percent of all sales during May.  Properties that had been foreclosed on duringrnthe previous 12 months represented 6.0 percent of sales compared to 11.3rnpercent a year earlier and a marked departure from the peak of 58.8 percent inrnFebruary 2009.  Short sales made up 6.9rnpercent of sales compared to 15.0 percent the previous May.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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