California Homes Sales - February 2012

California Homes Sales - February 2012

Okay, so, the DQ News February Home Report has been released.  The California Home Report for February is quite interesting.  Now remember, all real estate is extremely local at this time - even down to the neighborhood.  While this report is statewide but still gives an great picture of what's actually happening in California.  

Approximately 29,630 condos and houses were sold in February.  Is that good you ask?  When compared with January that figure is up 5.4%.  However when compared with February of 2011, that's up 8.5%. This figure combines existing homes and new homes together.  More than half of these home sales were distressed properties.  So we are still seeing quite a few short sales and foreclosures which is projected to happen all the way through 2013.  

This information is good for home buyers.  Since all the homes are basically on sale, the interest rates are still very low even though they are starting to inch up.  Still, a loan at 4% interest is still better than what it had been before the beginning of this downslide.  Another reason it is better to buy now is that the inventory is shrinking as you can tell from the sale information above.  More of the existing home invetory is finally getting sold and soon there will be fewer and fewer choices for buyers.  Places like Las Vegas, for example, have very little inventory at this time and yet have a lot of buyers.  Basically, NOW is the time to buy.

 Home prices appears to have inceased slightly.  The month of February boasts a median home price of $239,000 which is up 1.3% from January 2012 and yet down 2% from the previous February.  However, if you purchase a home now with the expectation of owning it for at least five years, you should be able to recap your original purchase money and will probably have some equity as things start to edge back up.  Real estate is still a fantastic investment!

The average mortgage payment  in February was $901.  This average is slightly up from last month which makes sense when you conside the above percentage increase in the average purchase price.  

Buyers are really being smarter than they were at the start of this housing crisis.  Instead of just getting the most they can possibly get, they are being smart aand realistic about what they can afford.This average mortgage payment is really feasible for almost everyone you can think of.  And buyers are being more conscious and aware beforehand, making sure that the mortgage payment will not put them in dire straits.  Again, good for the buyers!

For more information you should click on the link provided above.

As always, if you want to buy, sell or lease real estate in the area, or simply have questions about real estate, please feel free to contact me.  I will be more than happy to assist you. Call me for your free home market analysis! 

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell