Categorized | Residential

California’s Housing Market Improving Up 6 Percent in April

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All across the state of California, the residential real estate market is picking up steam and showing strength. Both the median sales price, and the total number of sales increased from where they were one year ago.

Residential property prices in California jumped six percent in April. The improvement is certainly good news, as the real estate market is a major factor in the overall health of the state’s economy.

Sales increased by two percent month-over-month, and almost nine percent since last year. The total number of homes sold last month was the most for any month of April in more than five years. It was also the ninth straight month that the state experienced an increase in total residential real estate sales.

Economists believe that the trend will continue, as the residential real estate market in the state of California looks to have entered a mode of recovery. Many believe that the IPO stock sale of Facebook will also boost the market. The tech industry as a whole has had an enormous impact on high-end housing. With the number of new millionaires and billionaires that will come as a result of the sale, demand in the prime real estate market will experience further growth.

The number of foreclosures on the market has declined quite a bit as well, making up only thirty percent of the total market. That number is down more than six percent from last year. As more banks opt for short sales instead of foreclosures, they are likely to increase in number of the next few months.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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