Categorized | Residential

California Median Home Price Drops This Month

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If you have sufficient funds with you and planning to buy a housing property in California, then this is not the right time to enter the housing market. Housing market related Official data suggests that California Median Home Price Drops This Month and there is a 5% drop in median prices of the houses that were sold in the month of June 2011 in Sothern California, as compared to the figures available for June 2010. This data has been released by a San Diego based housing market research company called Data Quest. Data Quest also provides the information that there is a slight increase in the housing prices in certain pockets in Southern California, thus giving a mixed signal.

Data shows that there is a constant fluctuation in the figures with respect to the housing prices with alternate highs and lows in subsequent months. But when the housing price data is compared to the price prevailing in the month of May 2011, then one could see a 5% increase in the price from $280,000 to the 2011 June month’s price of $285,000. One of the main reasons for California Median Home Price Drops This Month is the hesitation shown by the investors in entering the housing market and they are still waiting for the prices to stabilize.

As the California Median Home Price Drops This Month, Data Quest also released the data with respect to the sales numbers. Compared to the 23,871 homes that were sold in June 2010, only 20,532 homes were sold in Southern California in June 2011, thus representing a sales drop of 14%. But when compared to the May 2011 figures, the numbers look impressive. June 2011 saw an 11.5% increase in sales compared to the sales achieved in May 2011. Data Quest points out that the major percentage of the sales come from the distressed property sale and the foreclosures.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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