As we close out 2011 in the next few months, the California Association of Realtors released it’s California Housing Market Forecast for 2012 this week.
The forecast projects home sales in California will increase 1% in 2012 to 496,200 units compared to 491,100 and 491,500 sold in 2011 and 2010 respectively.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young sited a wild and unpredictable past year with the Arab Spring, the Soveriegn Debt Crisis, the Debt Ceining Debacle, The U.S.’s Debt Downgrade and the volatility in the stock market have all contributed to a lack of confidence from the part of consumers and hopes for a sustained period without unexpected shocks for 2012.
The future however does seem promissing to C.A.R. for a slow recovery in the overall economy and a sustained bottom in the housing market to bounce on for the next year:
“The good news is that we are moving forward and while there is a higher probability of the double dip recession, still the most likely scenario is for a continuation of the slow moderate growth we’ve seen for the last couple of years.
With respect to the California housing market the phenomena bouncing along the bottom that we’ve seen for most of 2011 is most likely to continue into 2012 but we have a bottom” Says California Association of Realtors Chief Econonomist who also pointed out that “conditions very dramatically from region to region and even within price categories”
Other Housing numbers worth mentioning:
California Home Price: Down 4% in 2011 (Source: C.A.R.)
August U.S. Home Sales: Up 7.7% (Source: N.A.R.)
California median home price: July 2011: $294,230 (Source: C.A.R.)
California highest median home price by region/county July 2011: Marin: $761,030 (Source: C.A.R.)
California lowest median home price by region/county July 2011: Madera $92,500 (Source: C.A.R.)
About Daniel Di Matteo
THE REAL ESTATE BUSINESS HAS LESS TO DO ABOUT SELLING PROPERTIES AND EVERYTHING TO DO ABOUT HELPING PEOPLE.
