Home Sales Up - Inventories Down

Home sales are increasing, substantially, in an increasing number of markets. At the same time, inventories of on-the-market homes are declining. Existing home sales - including single-family homes, townhomes and condos - increased by 6.5 percent nationally in December, over the previous month, according to a report from the National Association of Realtors. "It appears buyers are taking advantage of much lower home prices," said Lawrence Yun, NAR's chief economist. "The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal."The extent of increasing home sales is, of course, very regional. In California, home sales increased 85 percent in December, compared with the same period a year ago. The state's median price of existing homes fell 41.5 percent over the past year."The decline in home prices has brought the cost of housing more in line with household incomes, improving affordability across the state. This should be especially helpful for first-time buyers who can qualify for a home loan," it was noted in a report from the California Association of Realtors.

Contact me anytime for a list of up to date deals. MarshaShepard@prusd.com

619-995-1520