Where is California Real Estate Going for 2012?

Here are highlights from the September California Association of Realtors presentation on market predictions for California in 2012:
  • Sales volume between Aug 2010 and Aug 2011 of detached homes was up by over 8%.
  • Los Angeles County median price at $312,900 for detached homes down 7% from one year ago; Riverside County median price of $202,060 down 2.9% one year ago.
  • Calfornia homes: 2 in 5 sold were distressed properties.
  • California median home price of an equity sale was $431,000, for REO it was $240,000; a short sale was $287,000, for similar sized houses.
  • In 2011, sellers' median net from sale was $75,000, highest amount since 2009.
  • All-cash sales are over 25% of homes sold -- the highest percentage since 2000.
  • The predicted 2012 California overall median house price is $296,000, an increase of 1% from 2011.
  • Here is the entire California Housing Market 2012 Forecast presentation
“Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.”  “Real estate: It’s time to buy again” Fortune Magazine’s 3/28/11 article written by Shawn Tully.

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