California home sales in January 2016 had their best start in 3 years. Existing home sales totaled 383,670 in January and was down 5.4% from December 2015 but up 8.8% from a year ago January 2015.
The median home price in California was $468,330 was down 4.3% from December 2015 but up 9.2% from a year ago January 2015.
Southern California sales increased 6.5% from January 2015. and Los Angeles County sales posted their best January performance in 3 years. The number of active listings in Southern California was up 5.3% from the previous month.
Across California the unsold inventory index rose to 4.3 months in January 2016 from 2.8 months in December 2015 due to slower sales and an increase in active listings. The index indicates the number of months to sell the supply of homes on the market at the current sales rate. A 6 - 7 month supply is considered typical for a normal market.
The median home price for Los Angeles County in January 2016 is $480,950, down from $502,750 for December 2015.
It is a great time to sell and still a great time to buy and invest in Southern California Real Estate with the interest rates still at historic lows. So if you or anyone you know is thinking of selling or buying any type of real estate please give us a call and we will be happy to assist you. We also do property management. Have a great day and enjoy the SoCal Life.