The Housing Market Condition in California in April 2010The real estate market condition in California has improved in April 2010 to that of 2009, when the market was affected by the economic downturn and credit crunch (2007-2009). Recent studies reveal the fact that home prices in California have increased in April 2010 from a record low during the same period in 2009. 

In April 2010, the median sales price for all homes in California was about $255,000 USD. It is about a 15.4% increase in the home sale price from that of April 2009. However, the home price has remained the same and not increased from March 2010. 

Though the overall home sales have decreased in Southern California, there has been an increase in home sales as well as home sale prices in Ventura County. As per the figures released by San Diego-based MDA DataQuick, 789 homes (new as well as existing ones) have been sold in April 2010, which is about a 9% increase in home sales from that of April 2009. The number shows an increase in sales from that of March 2010 as well. In April 2010, the median sales price was $382,000 USD, which is a 12.4% increase from that of April 2009. 

Likewise, Los Angeles County has experienced a 0.1% increase in annual sales and the home prices have increased by 12.7%. The median price has jumped in Monterey Park to $471,500 USD (in April 2010) from $352,000 USD (in April 2009). According to CAR (California Association of Realtors), it is the sixth biggest annual price gain in recent months. 

The industry experts have attributed the decline in home sales in some parts of California to the fact that many homebuyers have delayed closing to just after May 1st in order to take advantage of the state tax credit. The State of California has extended its tax credit ($10,000 USD) for the first-time homebuyers purchasing new homes. So, the industry experts are expecting an increase in home sales in the forthcoming months.
 
It can be concluded by saying that, apart from favoring the sellers, the housing market has been favorable for the buyers, too. They can take advantage of low mortgage rates in order to take out home loans to purchase new properties. So, it can be expected that the mortgage market condition will also improve as there will be an increase in mortgage applications thus leading to more home sales in the forthcoming days in 2010. 
 
Samantha Taylor is the Community Mentor of MortgageFit and has been contributing her suggestions to the Community since 2005. Not just that, she has also made notable contributions through the various articles written on different subjects related to the mortgage industry. A few of her popular articles would include names like 'Mortgage that you can afford', 'Mobile Home Loan with Bad Credit', and 'How much mortgage can I borrow'?