CA Real Estate Market Heats Up in May

To contact us Click HERE
LA Times -- "Home sales and prices strengthened throughout the Golden State in May, providing the latest evidence housing might be snapping out of its long slumber. Sales popped 9.3% from April and jumped 17.6% from May 2011 to total 41,790 new and previously-owned houses bought statewide.  The state’s median home price hit $270,000, rising 2.3% from the prior month and up 8.4% from May 2011.
“It’s not exactly a stampede, but people are starting to move off the housing market sidelines in numbers we haven’t seen in quite a while,” DataQuick President John Walsh said. “And it’s not just first-time buyers and investors. There are more move-up buyers in mid- to high-end coastal counties.”
Home sales in the Golden State have posted year-over-year gains for 10 consecutive months and foreclosures have steadily been making up a smaller share of the market. Sales of distressed homes made up just 46.2% of the market, the lowest figure since April 2008."