Thanks- they were definitely way over priced to begin with. And who’d want to live out there anyway???
> See data in tables below, especially the first table with the sales and
> price change data.
> If this was the only factor in the markets’ determination of a bottom we
> would be there.
> What else can the market ask for but a doubling in volume with prices
> down close to 40% in many working class areas?
> Granted, there is a risk of higher unemployment, which might create
> lower incomes and again erode the ability to service the mortgage, but
> it seems to me that we are closer than the market now thinks to real
> estate stabilization, at least in California, which you would agree is not
> insignificant. A major fiscal package could have a surprisingly strong
> impact, given these underlying conditions. Nobody is really talking about
> this, as far as I know.
C.A.R. reports sales increased 117.1 percent; median home price fell 39.9 percent in October
LOS ANGELES (Nov. 25) ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ Home sales increased 117.1 percent in October in California compared with the same period a year ago, while the median price of an existing home fell 39.9 percent, the CALIFORNIA ASSOCIATION OF REALTORSÃƒâ€šÃ‚Â® (C.A.R.) reported today.
“Statewide sales increased significantly in October to 552,750 homes on an annualized basis, the highest sales level since late 2005,” said C.A.R. President James Liptak. “The record gain stemmed primarily from extremely large increases in regions with a high concentration of distressed sales.
Closed escrow sales of existing, single-family detached homes in California totaled 552,750 in October at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTORÃƒâ€šÃ‚Â® associations statewide. Statewide home resale activity increased 117.1 percent from the revised 254,650 sales pace recorded in October 2007. Sales in October 2008 increased 9.5 percent compared with the previous month.
The median price of an existing, single-family detached home in California during October 2008 was $ 311,060, a 39.9 percent decrease from the revised $517,240 median for October 2007, C.A.R. reported. The October 2008 median price fell 1.9 percent compared with September’s revised $316,960 median price.
“The year-to-year decline in the statewide median home price was smaller in October than the previous month for the first time in 11 months,” said C.A.R Vice President and Chief Economist Leslie Appleton-Young. “However, there is still no conclusive indication that prices have begun to stabilize.”
Highlights of C.A.R.’s resale housing figures for October 2008:
- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in October 2008 was 5.9 months, compared with 15.2 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- The median number of days it took to sell a single-family home was 45 days in October 2008, compared with 58.8 days (revised) for the same period a year ago.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 1.6 percent, or 6 out of 37 8 cities and communities, showed an increase in their respective median home prices from a year ago.
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for September may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/economics/historicalprices/2008medianprices/oct2008medianprices/.
- Statewide, the 10 cities with the highest median home prices in California during October 2008 were: Newport Beach, $1,150,000; Danville $883,250; Mountain View, $860,000; Santa Barbara, $835,000; Los Gatos, $810,000; Cupertino, $804,500; Santa Monica, $744,500; San Mateo, $740,000; Redondo Beach, $727,500; and San Ramon, $710,500.
- Statewide, the cities with the greatest median home price increases in October 2008 compared with the same period a year ago were: Mountain View, 18.6 percent; Alhambra 13.4 percent; Ridgecrest 6.2 percent; and Berkeley, 5.9 percent.
October 2008 Regional Sales And Price Activity
Regional and Condo Sales Data Not Seasonally Adjusted
Median Price Oct. 08 Percent Change in Price from Prior Month Sep. 08 Percent Change in Price from Prior Year Oct. 07 Percent Change in Sales from Prior Month Sep. 08 Percent Change in Sales from Prior Year Oct. 07 Statewide Calif. (sf) $311,060 -1.9% -39.9% 9.5% 117.1% Calif. (condo) $267,700 -8.4% -36.7% 10.3% 63.3% C.A.R Region Central Valley NA NA NA NA NA High Desert $154,660 -3.2% -41.8% 9.0% 269.2% Los Angeles $366,520 -2.6% -32.2% 0.0% 118.9% Monterey Region $336,630 -3.2% -52.7% 7.6% 144.0% Monterey County $285,000 1.8% -54.0% 13.1% 275.8% Santa Cruz County $500,000 5.3% -31.7% -4.8% 25.5% Northern California $310,120 -3.5% -17.0% -4.3% 16.5% Northern Wine Country $369,890 0.2% -30.6% 15.6% 95.4% Orange County $490,360 -1.1% -28.6% 5.3% 108.1% Palm Springs/ Lower Desert $206,050 3.1% -36.3% 6.3% 115.0% Riverside/ San Bernardino $209,990 -3.6% -39.7% 13.5% 254.9% Sacramento $196,920 0.5% -36.3% 4.1% 173.1% San Diego $337,640 -9.6% -37.4% 25.0% 131.6% San Francisco Bay $520,920 -6.1% -35.8% 1.0% 49.1% San Luis Obispo $396,430 5.7% -27.7% 19.6% 57.3% Santa Barbara County $341,300 -4.0% -54.0% 2.7% 83.5% Santa Barbara South Coast $860,000 -9.0% -35.1% -2.7% 18.0%