California Sales Decrease 28.5 Percent, Median Home Price Falls 26.2 Percent
Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Although sales rose for the fourth straight month in February by 9.5 percent compared to the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan,” said C.A.R. President William E. Brown.
California Home Prices Drop Nearly 15 Percent
A real estate research firm reports the median price of a home in California tumbled nearly 15% amid a steep drop in sales in December.
DataQuick Information Systems says the median price fell to $402,000 last month, down 14.8% from $472,000 in the year-ago period.
Meanwhile, home sales in the state, 1 of the hardest hit in the nation by the mortgage crisis, plummeted 41.4% to 25,585 compared to December 2006.
It was the lowest sales total for any December in more than 20 years.
A quote from DataQuick president Marshall Prentice: