CALIFORNIA HOUSING MARKET Trends

California housing market posted positive trends in terms of both sales and prices, according to a recent press release by the California Association of Realtors (CAR).

In particular, according to the data released, sales of existing single-family homes posted a monthly increase of 2.1% percent in September 2009. According to the press release, the increase in home sales was driven by the federal tax credit for first-time home buyers.

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Note that the U.S. House of Representatives on November 4 passed a bill extending and expanding the Federal Tax Credit for First-time Home Buyers. The bill is expected to be signed by President Obama. The bill extends the tax credit through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.

CAR reported good news for the California housing market in terms of prices as well. In particular, the not seasonally adjusted median price of an existing single-family home increased to $296,090 in September 2009, representing a 1.1% monthly gain compared to the median price registered in August 2009. However, the median price was 7.3 percent down on a year-over-year basis.

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