California Maintains Growth in Real Estate

I have discussed the state of Encinitas homes for sale a great deal, but the real estate market across the state of California has improved as well. Recent reports for the month of October show that real estate in California in general is doing incredibly well.

The first report comes from October 2012 Real Estate Trend Data Report from Realtor.com. This report looked at the largest metropolitan areas throughout the United States and found that overall median list prices stayed the same year-over-year from October 2011 to October 2012. Across the state of California, however, median list prices rose significantly over the year, with 6 metropolitan areas in California occupying the Top 10 list of largest increases nationwide. These markets averaged a percentage change of about 21.

Additionally, the Los Angeles Times is reporting that not only did the national delinquency rate fall from 5.88% to 5.41% over the course of the third quarter, but that California (which was hit exceptionally hard by the subprime housing bubble in many areas) saw significant reductions of about 24% from 7.29% to 5.56%. Mortgage delinquency rates are a measure of the number of borrowers that are behind on mortgage payments by 60 days or more.

Additionally, CAR (California Association of Realtors) has found that homes for sale in California are trending in the direction of being less affordable, noting that to purchase a median-priced home in the state requires a minimum annual income of $65,810. In the third quarter of 2012 49% of homebuyers could afford a home in California, compared to 51% in the second quarter of the year.

That is the latest news on California homes for sale. If you are looking for real estate in Southern California in cities such as San Diego, Carlsbad, Del Mar, and more, contact an Encinitas Realtor today.

This entry was posted in Real Estate Tips and tagged , , , . Bookmark the permalink.