May California Real Estate Sales In
New and resale California houses and condo sales numbers were estimated at approximately 41,000 units for the month of May, which was an increase of around 5% from April. The typical sales number varies between 30,000 and 70,000 for the month. Just over one-third of these properties were foreclosures!
While the median price of a home peaked at around $480K in 2007, the median price of a home is currently at around $280K, a sobering reminder of the market distress. With record lows in interest rates and plunging consumer confidence, analysts feel that buyers will come back to the market when the overall economic situation improves.
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