California Home Prices Inching Upward
INDUSTRY NEWS, SHASTA COUNTY
May 5th, 2009
Home prices have declined steadily since August of 2007 in California. March marked the first month the median home price has increased in month-to-month comparisons. In fact, the median price in California rose 2.2% in March to $253,040.
Locally, prices still appear to be spiraling downward. Bank owned foreclosuresnow represent nearly half of all home sales in Shasta County. Based on March foreclosure filings, another wave of foreclosed homes will likely be listed for sale in the greater Redding area later this year. This correlates with the fact unemployment in Shasta County is ranked among the top 10 areas in the nation. The housing industry is a critical component of our local economy.
The faltering housing market has directly resulted in job losses for contractors, title and escrow company employees, real estate agents, lenders, inspectors and appraisers. In turn, their lost wages do not circulate in the local economy causing restaurants to close, government to layoff employees due to shrinking tax revenues. Other businesses respond with layoffs or cutting worker’s hours from full-time to part-time.
My hope is this uptick in home prices is the light at the end of the tunnel we have been waiting for!
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
CORNER OF COURT AND PLACER
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
