Maureen Megowan's Blog

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Some Promising Signs for California Housing Market

California's median price for an existing single-family home rose for the third straight month, according to the California Assn. of Realtors, indicating that the state's struggling real estate market may have bottomed out. The state's median sales price increased 4.2% over the prior month, and the inventory of unsold homes decreased to 4.2 months from 4.6 months in April and 8.7 months a year ago.The median sales price was down 30.4% compared to May of 2008 however.

In the South Bay of Los Angeles, the median home price increased 12.7 percent over last month. but was down 12.3 percent from a year ago,. Home prices for the Palos Verdes Peninsula (including Palos Verdes Estates, Rolling Hills Estates, Rancho Palos Verdes, and Rolling Hills) decreased 12.1% from a year ago, in line with the entire South Bay. Home prices in the beach cities of Manhattan Beach, Hermosa Beach and Redondo Beach were down only 5.8% over a year ago. This compares to an overall 30.1% year to year decline in Los Angeles County as a whole.

For South Bay Market Reports and more nformation about Palos Verdes Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions. 

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 2 commentsMaureen Megowan • June 26 2009 03:18PM

Comments

Glad to see a positive post on California. All we get is media coverage and you can imagine what that sounds like! Great cartoon, too.

Posted by Troy Jowers, New Orleans Realtor (Pogo Realty, LLC) about 9 years ago

We seem to be booming down here in San Diego. Home sales have been up for eleven consecutive months, and prices have been up or flat for five consecutive months. Lots of Stimulus Bill money floating around, too, which construction companies hiring and people moving here to work on those Stimulus Bill projects. The foreign investors are well represented, too.

Posted by Russel Ray, San Diego Business & Marketing Consultant & Photographer (Russel Ray) about 9 years ago

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