Will California’s Home Sales Roller Coaster Ride End?
C.A.R. says different tracks for the low end vs. high end homes.
According to the Ca. Assoc. of Realtors California’s rollercoaster ride of home sales has been on going for the past several years and could finally even out in 2010, although the state will continue to have what they call a bifurcated housing market.
In today’s market on the low end there are brisk sales and little inventory and the high end there continues to be many roadblocks making it far more difficult to close deals. This could produce a slight increase in the median home price, even as sales cool down a bit for California according to the C.A.R.
C.A.R. projects the states median home price will rise 3.3% to $280,000 next year, even though sales of existing homes are expected to decrease by 2.3% to 527,500 units.
C.A.R. expects sales moderating to a “more sustainable pace” for 2010 after double-digit declines in sales in 2006 & 2007 followed by double-digit increases in 2008 & 2009.
If you would like to learn more contact Dawn Famiglietti at dfamiglietti@coldwellbanker.com to get a full copy of the article.
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