CA Median House Price Rises

The median price of existing houses rose for the eighth consecutive month in California in October, while the statewide inventory on unsold units fell to a four-months' supply, according to the California Association of Realtors. Sales also were up for the month, rising 1% above October a year ago to a seasonally adjusted rate of 562,400 annually, according to data collected by CAR from the state's more than 90 local Realtor associations. The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the October pace throughout the year. October's sales and price figures are "signs that California has hit and passed the bottom of this real estate cycle," said Leslie Appleton-Young, CAR's chief economist. Ms. Appleton-Young also reported that the number of distressed sales "has shown considerable improvement" since the first of the year, and that for the first time since July 2007, sales of houses priced above $1 million rose on a year-over-year basis. In another bit of good news for sellers in the Golden State, the median number of days it took to sell a single-family home fell by 11 days and a few hours in October, from 45.5 days a year ago.