California Home Sales UP in October

Just before the Thanksgiving holiday, the California Association of Realtors® (C.A.R.) released home sale statistics for the month of October.

The numbers show that sales of "existing, single-family detached homes" in the state of California were up in October by 117.1% over last year. Sales were up 9.5% over September.

However, the median price of an existing home in California over last year was down over 39%. The median price was down 1.9% from September.

Attributing the increased sales numbers to areas with "distressed sales" (our translation: foreclosures and lender short sales), the Association also states that "C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in October 2008 was 5.9 months, compared with 15.2 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. "

So --- some good news in the numbers. We have noticed that our Sunday open houses have been busier lately with potential buyers seemingly a little more willing to discuss home buying. At least, that's our opinion.

You can read the press release here.