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2016 Sales Report and Prices-Los Angeles

Jan - 22 | | no comments. | blog

Dear Client/Friend

California Real Estate Association just released this report -
California home price ends year on high note while sales moderate in December;
housing market posts solid performance in 2016

- December’s statewide median home price was $509,060, up 1.5 percent from November and 3.9 percent from December 2015.

- Existing, single-family home sales totaled 411,230 in December on a seasonally adjusted annualized rate, down 7 percent from November and 0.6 percent from December 2015.

- Demand for homes continued to outstrip supply, causing the Unsold Inventory Index to decline to 2.6 months in December from 2.8 months in December 2015.

LOS ANGELES (Jan. 19) – Despite strong headwinds of tight housing supplies and an affordability squeeze throughout much of 2016, California’s housing market ended the year on a positive note, posting a moderate sales pace and home price increases in December, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 411,230 units in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The December figure was down 7 percent from the 442,320 level in November, and down 0.6 percent compared with home sales in December 2015 of a revised 413,700. Despite the declines, December’s sales were on par with the two-year average sales pace of 412,000 maintained since 2015. Home sales remained above the 400,000 pace for the ninth straight month.

For 2016 as a whole, a preliminary 416,250 single-family homes closed escrow in California, up 1.7 percent from 2015’s revised pace of 409,410.

Full article here  <<

Easy Graphic – Report -Click for bigger Image

2016-11_Dec_IG

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