The National Association of Realtors has released the Real Estate statistics for June 2009 this week.
The news is great. Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June.
Existing-home sales increased 3.6% to a seasonally adjusted annual rate of 4.89 million units in June. Total housing inventory at the end of June fell 0.7% to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, down from a 9.8-month supply in May. Although local inventory levels do vary. In the Existing home sales figures is condominium and co-op sales which on their own jumped 14.0% in June – this is great news!
However, despite all the positive data, distressed sales accounted for a whopping 31% of sales in June which does distort the figures somewhat downwards compared to the traditional sales.
More interestingly, first-time buyers accounted for 29% of transactions – this is likely due to the first time homebuyer tax credit. Also the number of buyers looking at homes is up around 12% over June 2008.
Here in the West existing-home sales improved by 6.4% to an annual rate of 1.16 million in June, and are 11.5% higher than June 2008.
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
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[...] are really picking up in the Malibu California Real Estate Market along with the national market! What with the LA Times noting PRICE RISES another news source, CNN [...]
[...] The National Association of Realtors (NAR) is full of great information at the moment about the ever growing and changing Real Estate market! Although custodians of the national data, they do of course release information relevant to local real estate markets. [...]
[...] The National Association of Realtors (NAR) is full of great information at the moment about the ever growing and changing Real Estate market! Although custodians of the national data, they do of course release information relevant to local real estate markets. [...]
[...] moment many deals are going cash as buyers are taking advantage of the current market conditions. Sales are increasing nationwide and in Malibu the increase in activity has industry professionals optimistic that the market is [...]