Home prices rise despite fewer sales-State and Coachella Valley News
Statewide:
Home prices continued to recover in California last month, even though fewer sales were recorded, according to a report released Thursday.
The findings by the California Association of Realtors were consistent with recent trends showing a steady improvement in the state’s housing market in spite of a shaky economic recovery.
The median sale price in California hit $311,950 in June, a 13.6 percent increase from a year earlier. The volume of sales dropped 4.2 percent from a year ago, the result of the expiration of federal tax credits for home purchases.
California’s market, among the hardest hit anywhere, seems to be recovering at a faster pace than the nation’s. The National Association of Realtors said median prices nationwide rose only 1 percent in June, to $183,700, while sales volumes fell 5 percent.
California prices have improved 27 percent since hitting bottom in February 2009, the Realtors group said.
Coachella Valley:
The median price for all homes in the valley rose 8.1 percent during the month of June. Home sales increased 6 percent compared to a year ago in June. Some 1,083 homes sold in June in the valley including 743 single family resales and 274 condos, only 67 homes were new construction.
Thats all positive news for our Coachella Valley community and our state of California!