CA Homes See Record Price Increase

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Clovis Real Estate News

June 27th, 2009

What Does this Mean for Clovis Home Buyers and Sellers?

According to the California Association of Realtors (CAR), California’s median price for an existing single-family house increased 4.2% in May the largest monthly increase on record for the month of May. It’s the 3rd straight month for price increases in California. With the inventory of California Map Clovis Housing Report unsold houses continuing to drop rapidly, what does this mean for Clovis home buyers and sellers?

An increase in home prices is good news for both buyers and sellers as it’s a sign the housing market is stabilizing. Even a buyers don’t want to buy a home and then watch it’s value plummet. California’s real-estate market, the nation’s largest, is seen as a barometer of the U.S. economy. According to the Wall Street Journal, “Housing prices soared during the boom, and their plummet during the market’s collapse resulted in massive foreclosures and fueled the recession. Economists say the state’s housing market will lag behind the nation’s in recovering, so any indication of improvement in California bodes well for the rest of the U.S.”

Any good news in the housing sector is welcomed. However, Clovis buyers and sellers should proceed with caution. CA’s 11.5% unemployment rate could result in more foreclosures and drive down real-estate prices again, as lawmakers’ wrestle with ways to close a $24 billion deficit.

CAR’s report also indicates that 556,590 California houses were sold in May, up 35.2% from a year earlier. Another positive sign.

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This entry was posted on Saturday, June 27th, 2009 at 11:00 PM and is filed under Buyer Info, Current Home Values. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.