California Home Prices up 18.1%
The CAR released December home prices. Median real estate sales price for California homes was $474,480, up 18.1 percent in 12 months. The median is the point at which half the sales are higher and half are lower, in this case covering only single-family homes sold by a Realtor. In other words homes sold by owner were not reflected in these numbers.
CAR attributed the upswing in home prices to buyers' concerns about mortgage rates, which have stayed relatively low at about 5.75 percent for a 30-year fixed-rate.
Old fashioned supply and demand won out.
"After peaking in the middle of 2004, the number of homes for sale dropped again last month to a 2.8 month supply compared with 3.5 months in November," CAR Chief Economist Leslie Appleton-Young said in a release. "Despite having fewer homes to choose from, buyers are becoming more selective and are taking more time before making an offer on a home. The median number of days it took to sell a single-family home reached 43 days in December, compared to 27 days a year ago."
Just North of Sacramento is Shasta and Rocklin California. This area is booming in real estate. Redding is near Shasta Lakes which offers skiing and up the hill snow skiing. The site offers neighborhood and area information.
For more California real estate listings visit here.
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