Industry News

California real estate prices expected to rise 10% next year

Realtor group forecast also calls for slight dip in sales

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The California residential real estate market in 2005 is expected to sales and price records set last year, the California Association of Realtors reported this week. The trade group announced some key housing market statistics from 2005 and a look ahead to 2006: Sales of detached, existing single-family homes are expected to reach 635,000 in 2005, an increase of 1.8 percent over last year's record sales of 624,700. Sales are anticipated to decline by 2 percent in 2006. This year will be a record year for home prices. The median price of a single-family home in California crossed the $500,000 threshold for the first time in April 2005. The annual median is expected to reach $523,150 in 2005 and increase 10 percent to $573,500 in 2006. The median price of a single-family home increased by double-digits for the fourth consecutive year in 2005, though the pace of price appreciation slowed from the 18 to 21 percent annual gains of the previous three years to 16 percent in 2005. ...