For those of you who haven?t yet been convinced that the US housing market is in a robust recovery, you should check out what?s happening in California, where the real estate market is hot, hot, hot!
1. California home sales increased by 5.4% in December from a year earlier, while the median sales price increased by a whopping 21.5% to the highest level since August 2008. Foreclosure sales accounted for 15.5% of the California properties sold in December, which was the lowest foreclosure share of home sales in any month since October 2007, more than five years ago.
2. The median price paid for a home in the nine-county San Francisco Bay Area increased by an eye-popping 32% in December from a year earlier to $442,750, the highest median home price in the area since August 2008 when it was $447,000. The 32% increase in the Bay Area?s December median home price was the highest annual gain in more than 25 years, according to DataQuick, whose monthly housing data starts in 1988.
Source: http://www.aei-ideas.org/2013/01/california-real-estate-market-is-hot-hot-hot/
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