Homeowners in California have reason to smile after a study, conducted by real estate research firm DataQuick of San Diego, indicated significant improvements in the Golden State’s housing market. After several hard years riddled with foreclosures, stagnant growth, and many homeowners underwater on their mortgages – the California housing market may be in for a long-overdue comeback.
For 10 straight months, California home sales have posted year-over-year gains while foreclosures have steadily made up less of the market share. A recent article by the Los Angeles Times revealed that home sales increased 17.6% from May 2011 and the median home price was up 8.4% from May 2011, reaching $270,000.
In Southern California, home sales increased 21% over 2011, while the median price rose 5.4%. Likewise, in the Bay Area, sales were up 26.1% compared to a year ago and the average price was up 7.5%.
To read more about the California housing market rebound, click here.