While America's financial stability remains iffy, there’s good news for anyone with a California zip code: Despite a questionable economic recovery, California’s housing market is making notable progress.
The California Association of Realtor’s pending sales index rose over a 4-month period ending in August. And pending deals rose 12.6% in August from the previous year. The index level in August was also the third-highest in the last 22 months.
And there’s more good news according to a recent DataQuick report: the number of total California residences sold this August was up 10.2% from August 2010.
In case these statistics sound a little too Pollyanna given the current economy, keep in mind that the median purchase price of a California home in August ($249,000) was down 4.2% from a year ago.
But this certainly doesn’t fall into the “bad news” category when it comes to individuals shopping for a new home. And considering that the average mortgage payment paid in California by homebuyers on August purchases was $982—the lowest on record since 1988—it’s a great time to be an aspiring homeowner.