The figures for February 2010 are in from the National Association of Realtors
The news for the nation is that of slowed growth and steady home sales. Naturally the weather in certain areas did delay some things and result in lower than expected figures.
However for California and the western part of the country there are some interesting figures. Existing home sales in the West are 3.4 percent higher than February 2009 and
Single family home sales were 4.3% higher than the previous February, while the big news is for Condo sales – they were up 30.3% higher than February 2009! In California a lack of affordable housing inventory is holding back sales and pressuring prices to be bid upwards in many California markets - THIS IS VERY EXCITING NEWS!
The composition of the national figures is also interesting – with distressed homes, generally sold at a good discount, accounted for 35% of sales. First time homebuyers purchased 42% of homes in February, which was up from January’s 40%. With the level of investors purchasing also increasing – up to 19% from 17% in January – this shows investors are putting their trust back into the market.
Chief Economist for the National Association of Realtors, Lawrence Yun says that sales have been higher than a year ago with steady increases in sales over the last 8 months. Prices are firmer than before. What will be interesting across the nation as well as here in Malibu California is the next couple of months with the looming tax credit deadlines.
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
