As the statewide median price continued to register double-digit gains from year-ago levels, strong sales of higher-priced homes led to a year-over-year increase in sales in California during November, C.A.R. reported Tuesday.
“Housing markets with higher-priced homes performed better in November compared with lower-priced areas. The negative impact of a lean housing supply on home sales is becoming more apparent, especially in markets with more distressed properties,” said C.A.R. President Don Faught. “In lower-priced markets, home sales declined, whereas sales of mid- to higher-priced homes posted strong increases because there is a greater supply.”
Sales in November were down 4.9 percent from October but up 2.7 percent from November 2011.
The statewide median price of an existing, single-family detached home increased 2.3 percent from October’s $341,370 median price to $349,300 in November. November’s price was up 24.8 percent from a revised $279,910 recorded in November 2011, marking the ninth consecutive month of annual price increases and the fifth consecutive month of double-digit annual gains. The year-to-year percentage increase was the largest since June 2004.
courtesy of: http://www.car.org/
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