California home sales rose in January, marking three consecutive monthly increases and posting their highest level since May 2010, while the statewide median price declined to its lowest level since June 2009, according to data C.A.R.
“With lower home prices and rates edging up from their historic lows of late last year, prospective home buyers should consider the opportunities in today’s market,” said C.A.R. President Beth L. Peerce.
California home sales rose 5.1 percent in January compared with December, to a revised pace of 520,080 units. Sales also increased 2.5 percent in year-over-year comparisons, marking the first year-over-year sales increase since May 2010. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Reprinted from C.A.R. Newlines.
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