California sees property sales 'surge'

Sales of properties in California rose 84.9 per cent last December compared with the same period in 2007, new figures have revealed.

The California Association of Realtors (Car) noted that this was combined with a 41.5 per cent fall in the median price of an existing property, which dropped to USD281,000 (GBP196,200) from USD480,820 12 months previously.

"Sales continue to be strong, exceeding 500,000 units for the fourth consecutive month and year-to-date sales are nearly 27 percent above last year," president of Car James Liptak explained.

And he noted that restoring the recently-reduced loan limit for buyers looking to purchase a home would help to further stimulate the market, as it would make financing "more affordable" for those currently struggling to enter the market.

Last month a demographic survey by California's department of finance revealed that the population of the state surpassed 38 million during the last fiscal year, growing by 436,000.

Like this? Then share with your friends and colleagues!