Here’s more good news on the real estate front: Arizona and California real estate markets appear to be recovering. This is impressive, considering both places were hit hard by the housing slump.
Arizona real estate on the mend
The last time the Arizona real estate market showed promise was back in June of 2006. Fast-forward three years from there and the market hit bottom.
But now, January of 2010 data shows pending sales within the state are at a record level – for a winter month, at least. Analysts are certain this means solid recovery for Arizona’s real estate market.
Despite these early signs of progress, overall recovery for home sales within the state is expected to be slow. Experts are now waiting for price stabilization, which will take a while to level out.
California real estate
As a bellwether state for most things, California has had a lot of scrutiny lately over the future of its real estate market.
But to the surprise and satisfaction of many in the southern region of the state, 2009 showed the first year-over-year gain in home prices since August of 2007.
The San Francisco Bay area finished out 2009 was a solid 15% rise in the median purchase price of a home. Along with that, nearly a quarter of homes bought in December of 2009 were paid for in cash. Though the bulk of these purchases were for lower priced homes, it’s still a good sign that people with “real” money are getting back into the real estate market.
