A data released by the CALIFORNIA ASSOCIATION OF REALTORS indicates that economic insecurity has led to a drop down in home sales in California during September this year though the sales remained at a higher level on a year-to-year basis for the third month in succession.
The information collected by the association from over 90 local real estate associations and statewide MLSs revealed that the closed sales accords of currently in existent homes in the state has dropped down by 2.1% to a seasonally revised number 487,940 units in the month of September from the August figure of 498,320 units. However, the homes sales during September went up by 4.1% from the revised number of 468,700 units sold during the same period last year. The figure of statewide home sales represents the anticipated number of total home sales all through the year if the present sale of homes achieved during September is continued. According to the report, in the month of September, the median value for a currently existing detached home meant for a single family in the State of California was $287,440 around 3.2% lesser than the revised figure of $297,060 in August and down by 8.3% from the median price of $313,460 recorded during September 2010.
The other important information mentioned in the September 2011 housing resale report of C.A.R. the inventory index for the existing and unsold single family detached homes in September 20 was 5.1 months and it did not change much from the August figure of 5.0 months but was down when compared to the revised 5.9 months during September 2010. The index denotes the number of months required to use up the supply of home available in the market under the current sales trend. The report also indicates that in September 2011 the sale of a single family unit took an average of 54.4 days when compared to 50.3 days during the same period last year. The report also provides details on unsold inventory on the basis of the prevailing price.
Source: http://www.car.org/