California Home Prices Soar in April-Ready to Sell?
California home prices soar in April
Source: The Californian
Fueled by high demand and tight inventory, California home sales and prices both experienced strong increases in April, with the median price surpassing the $400,000-mark for the first time in five years, the CALIFORNIA ASSOCIATION OF REALTORSÂ® (C.A.R.) reported.
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The statewide median price of an existing, single-family detached home climbed 6.3 percent from Marchâ€™s revised median price of $378,960 to $402,760 in April, signaling the first time since April 2008 that the statewide median price has exceeded the $400,000 mark (and was the highest since then).Â
Sales in April were up 1.3 percent from a revised 417,880 in March but down 3.7 percent from a revised 439,770 in April 2012.Â The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the April pace throughout the year.Â It is adjusted to account for seasonal factors that typically influence home sales.
The available supply of homes for sale was essentially unchanged from March, but was down markedly from a year ago.Â The April Unsold Inventory Index for existing, single-family detached homes was 2.8 months in April, down from 2.9 months in March, and down from 4.2 months in April 2012.Â The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.Â A six- to seven-month supply is considered normal.
Increased market competition has significantly driven down the time on market compared with a year ago.Â Homes sold more quickly in April, with the median number of days it took to sell a single-family home decreasing to 27.9 days in April, down from 29.4 days in March and down from a revised 48 days for the same period a year ago