The best performing market in February was in California, which posted a double-digit gain over the past 12 months of 11.9%. San Diego home prices jumped 7.6% and Los Angeles gained 5.3%.
"California had very steep declines during the downfall and now people are rushing to catch the market on its way up," said Lawrence Yun, the chief economist for the National Association of Realtors.
David Crowe, the chief economist for the National Association of Home Builders, expects home prices to remain stable for some time.
"We're in for a period of wandering around zero [price gains]," he said, "with some months up and some down but with the general trend upward."
An upturn in the confidence level of both buyers and sellers was ushered in by federal stimulus programs, especially the homebuyer's tax credit and the Federal Reserve's move to purchase mortgage-backed securities. That made it easier to obtain financing.
INDULGE YOUR MOM AND YOURSELF, YOU LITTLE...
COME TO MIMI AND HY THE SHOPPE Â LOCATED AT 12212 VENTURA BLVD. STUDIO CITY, CA 91604
SATURDAY MAY 8TH NOON-3PM
+EYEBROW SHAPING DONE BY AN EXPERT BROW ARTIST COURTESY OF KALOLOGIE*
+EBERJEY INTIMATE (OOH LA LA) APPAREL TRUNK SHOW
+PHOTOGRAPHY DONE BY THE SHOPPE PHOTOGRAPHER
+MIMOSAS AND GOURMET CANAPES
+PARTY FAVORS AND GIFT BAGS!!!
*FIRST COME FIRST SERVE BASIS, SO GET HERE ON TIME!
On the Market
Charming Quaint Cottage
Offered at: $792,000
4429 Saint Clair Ave., Studio City CA 91604
This charming 3 bedroom, 2 bathrooms California Cottage has a nice flow, wonderful romantic master suite. Â Large kitchen open up to a great family room which leads out to a backyard and private pool. Carpenter school in a great location in Studio City.
Keller Williams Realty
CA DRE#02155323 Â