This week, the CALIFORNIA ASSOCIATION OF REALTORS® released its annual housing forecast. C.A.R.'s annual housing forecast details what consumers, REALTORS®, and the real estate industry can expect to happen next year in terms of median prices and existing home sales.
The median home price in California is expected to rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to the forecast. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.
"After experiencing its sharpest decline in history, we expect the median price to rise modestly next year," said C.A.R. President James Liptak. "2010 will mark the beginning of the 'new normal' for California's housing market. This 'new normal' likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation."
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These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
