This is a great news story and gives us in ARIZONA hope… California real estate market feeds us locally. The last California boom took a year and a half to reach us. This one most likely will take longer.
Mark J. Perry submits:
According to the Sacramento Association of Realtors, homes sales in 2008 (20,587) almost doubled compared to the previous year (10,620), fueled in part by falling prices (see chart above). Sales in 2008 were also 47% above sales in 2006 (13,970) and were the highest since the peak bubble years of 2005 (21,525 units sold) and 2004 (22,816 units).
The Sacramento home sales rebound continued last month, as sales of 1,542 homes were the most for a January this decade, the Sacramento Association of Realtors reported Friday. Compared to January home sales last year (739), sales increased by 108.7% to 1,542 this year (data here). Thanks to an anonymous CD reader for pointing out that January sales this year were even higher "than the peak bubble years" of 2005 (1,256 January sales) and 2004 (1,234 sales).