As you might suspect, people often ask me: “is it a good time to buy real estate?” or “has the market begun to turn around yet?”. The answer is a resounding ‘Yes!’ and recent statistics from the California Association of Realtors offer further proof of this.
C.A.R. reported last week that California’s home prices rose 25 percent in the past 12 months through November – the largest increase in eight years. The median price of an existing, single-family detached home was $349,300 last month, up from $279,910 a year earlier. The last time California prices had a larger gain was in June 2004.
A few other quick tidbits from C.A.R. ...
• The statewide median price of an existing, single-family detached home increased 2.3 percent from October’s $341,370 median price to $349,300 in November, marking its highest point since August 2008.
• November’s price was up 24.8 percent from a revised $279,910 recorded in November 2011, marking the ninth consecutive month of annual price increases and the fifth consecutive month of double-digit annual gains. The year-to-year percentage increase was the largest since June 2004.
• Sales of existing, single-family detached homes in California were down 4.9 percent from October, but up 2.7 percent compared with the previous year.
• In the Los Angeles metropolitan area, the median was $327,840 last month, up 22 percent from a year earlier and 2.9 percent from October.