Home sales up in U.S. State of California

Home sales increased 26.3 percent in November in the U.S. State of California, compared to the same month a year ago, but were down 14.8 percent from the previous month, according to figures released on Tuesday.

The median price of an existing, single-family detached home in California in November was 304,520 U.S. dollars, a 5.8 percent increase from the 287,880 during the same month last year, and up 2.4 percent from October's 297,500, the California Association of Realtors (CAR) said.

In the Los Angeles area, home sales rose 7.2 percent in November compared to the same time last year, but were down 10.8 percent from the previous month.

The median price of an existing single-family home in Los Angeles County last month was 359,670 dollars, up 0.1 percent from 359,240 in November of last year, and up 3.9 percent from 346,030 in October.

"First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original Nov. 30 expiration," said CAR President Steve Goddard. "The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months."

"With sales bottoming out more than two years ago, and the median home price reaching its trough in February 2009, California remains ahead of the nation in market recovery," said CAR Vice President and Chief Economist Leslie Appleton-Young.

"The median price for most regions hit bottom during the first half of the year, and the statewide median home price now is nearly 60,000 dollars higher than its lowest point in the current cycle," he said.

Source: Xinhua