The California Association of Realtors (C.A.R.) reported 5-22-2012 that, although pending home sales in the state fell from March to April, other statistics indicate a good start for the housing market in California.
â€œInventory constraints could be a contributing factor to lower pending sales,â€ said LeFrancis Arnold, president of C.A.R. â€œThe tight inventory weâ€™ve been experiencing in the distressed market over the past several months is now spreading to equity properties, essentially affecting the supply conditions of both the distressed and non-distressed markets.â€
The share of equity sales (non-distressed property sales) compared with total sales increased to 58 percent in April, its highest level since July 2008. This figure is up from Marchâ€™s 54.5 percent and last yearâ€™s 52.3 percent. Shares of distressed sales (composed of foreclosures and short sales) in California decreased in April to 42 percent, down from 45.5 percent in March and 47.7 percent the previous year.
More good news! On Tuesday, the National Association of Realtors reported existing home sales in April rose 4.4 percent from March and 10.0 percent from April 2011.
The Bottom Line: With prices in distressed markets staying stable, C.A.R. chief economist Leslie Appleton-Young said that, inventory scarcities aside, the market got off to a strong start in spring. â€œOne thing is clear, weâ€™ve got the best start for the housing sector that weâ€™ve seen in 5 years,â€ she said. The housing market is turning around and now is the time for you to buy!!
1. Prices are at record lows.
2. Market is showing proof of a bottom and rebound.
3. The cost of purchasing has NEVER been lower....3.75% Fixed Rates!!!
My team and I are here to help you capitalize on an opportunity we may not see again for a very long time!
Joe Sopo -- Your Long Beach Real Estate Source
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