Home sales increase by 35.2 % in May.

Home sales increased 35.2 percent in May in California compared with the same period a year ago, while the median price of an existing home declined 30.4 percent, C.A.R. reported last week. "With affordability for first-time buyers at a record high, sales of existing, single-family homes continued to remain above the 500,000 level for the ninth consecutive month," said C.A.R. President James Liptak. "Buyers are beginning to realize that the combination of favorable home prices, historically low mortgage rates, and first-time home buyer tax credits, may not align again for many years.
"The sales gains over last year have diminished in recent months," he added. "This trend is expected to continue through the end of the year, as limited inventory at the moderate and low end of the market constrains sales activity," he said.

I read this great information from my Calif. Association of Realtors e-mail update. www.car.org

Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor

www.BrianRipp.com Serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

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