Even though mortgage rates continue to fall, California homebuyers are not taking advantage of this historic opportunity.
California home sales declined from both the prior month and year in January, according to data from the California Association of Realtors.
Closed escrow sales of existing, single-family detached homes in California totaled 517,740 in January. Monthly sales were down 0.6% from December’s pace and down 5.7% from a year ago.
The median number of days it took to sell a single-family home was approximately 62 days, basically unchanged from the same time period last year.
This data is comprised from more than 90 local Realtor associations and MLSs statewide.
LeFrancis Arnold, president of CAR, is optimistic for a turnaround due to record low interest rates and favorable home prices.
“If the overall economy continues its recent upward trend, we should see an improvement in the housing market throughout the year,” Arnold said.
Meanwhile, the median price for a home was also lower in January due to an increase in distressed sales.
The statewide median price of a single-family home fell to $268,280, down 6.7% from $285,920 in December. The median price also dropped 3.9% from January 2011.
“Seasonal factors in the non-distressed market also played a role in the softening of the median home price, as prices typically decline in the non-peak home buying season,” said Leslie Appleton-Youn, vice president and chief economist of CAR.
