There is no longer any doubt about the momentum in our market... it's just a matter of getting these numbers in front of consumers to help them understand it.
Here are some California-specific numbers from April:
· Existing, single-family home sales increased 49.2 percent in April to an annualized, seasonally adjusted rate of 540,360
· The statewide median price of an existing single-family home increased 1.4 percent in April to $256,700, compared with March 2009
· C.A.R.’s Unsold Inventory Index fell to 4.6 months in April, compared with 9.8 months in April 2008
· The median number of days it took to sell a single-family home declined to 48.7 days in April 2009, compared with 51.8 days in April 2008
· C.A.R. reports April home sales increased 49.2 percent, median home price declined 36.5 percent
You can see the tension between a 50% increase in sales and a 36% drop in the median price... it's like there's one foot on the gas (increased sales) and one foot on the brake (declining median price).
The subject of median price is one that many people do not understand, though, and so I want to address that in this space tomorrow.
