January 18th, 2016 10:58 AM by Todd Perdew
by Steve Randall 1/18/2016
California home sales rebounded last month Home sales in California rebounded in December after a weak November according to new figures from the California Association of Realtors. Sales of existing single-family homes increased 9.6 per cent from November 2015 and 10.7 per cent from December 2014. The seasonally adjusted annualized rate was 405,530. Condo sales increased 25.1 per cent in the month from November and were 10.2 per cent higher than a year earlier. Prices also increased with the median home price statewide reaching $489,310, up 2.6 per cent from November and 8 per cent from December 2014. “As we speculated, sales that were delayed in November because of The Consumer Financial Protection Bureau’s new loan disclosure rules closed in December instead, which led to the greatest monthly sales increase in nearly five years,” said C.A.R. President Ziggy Zicarelli. “Sales increased across the board in all price segments in December, but improvement in the sub-$500,000 market was more pronounced as many homes affected by the new loan disclosures were priced under the conforming loan limit.” The median number of days it took to sell a single-family home increased in December to 39.5 days, compared with 37.5 days in November and 44.1 days in December 2014.