Home prices will level off but the real estate market will not cool anytime soon, according to the state's Department of Real Estate on Tuesday. Not enough homes were built in California in the last 10 to 12 years to slow demand, said Jeff Davi, commissioner of the Department. Home prices will probably continue to increase even in the first quarter of 2006, he said. Click here to read more.
Median price of a home in California is at $543,980 in September, which is up 17.3 percent from a year ago. Sales increase by 3.9 percent. Click here to see the median prices of your county/city! Closed escrow sales of existing, single-family detached homes in California totaled 650,780 in September at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations statewide. Statewide home resale activity increased 3.9 percent from the 626,210 sales pace recorded in September 2004. The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during September 2005 was $543,980, a 17.3 percent increase over the revised $463,630 median for September 2004, C.A.R. reported. The September 2005 median price decreased 4.4 percent compared with August's revised $568,730 median price. Click here for more details.
~Tina Jan~
Coldwell Banker Kivett-Teeters
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