The housing market is truly looking up. A report from the NAR (National Association of Realtors) shows that home prices showed the strongest gain in 6 years this month.
Not only did existing home sales rise to 4.62 million in the month of April, but the median price of existing homes jumped 10% from April 2011 to April 2012. The median home price in April of 2011 was $161,100 while in April of this year the median price value jumped up to $177,400. This is the strongest year-to-year gain seen since January 2006.
Distressed home sales (those consisting of foreclosures and short sales at significant discounts) accounted for less of the overall home sales compared to March of this year – when they accounted for 29% of home sales – and April of 2011, when they accounted for 37% of home sales. For the month of April 2012, distressed home sales accounted for 28% of sales.
The median price of an existing home in the Western states (such as California) rose to $221,700, which was the highest since July 2010.
The housing market around the country, but especially in California and specifically in Encinitas, is improving and now is the perfect time to consult with an Encinitas Realtor about buying or selling your home.