The median price of an existing single-family home in California increased 1.8 percent in September and sales decreased 31.7 percent compared with the same period a year ago, C.A.R. reported today. "We expected a fairly steep decline in sales last month compared with a year ago, when sales were near their all-time record," said C.A.R. President Vince Malta.
"Unsold inventory is holding steady, and is close to the long-term historic average typical of a more 'normal' market."According to the report, the median price of an existing, single-family detached home in California during September 2006 was $553,050, a 1.8 percent increase over the revised $543,510 median for September 2005.
Also last month, closed escrow sales of existing, single-family detached homes in California totaled 444,780 at a seasonally adjusted annualized rate, down 31.7 percent compared with the sales pace recorded one year earlier and up 0.6 percent from home resale activity in August.
"Overall, year-to-date sales were down 24 percent, in line with our 2006 projection. Regional trends in sales and prices were consistent with recent months," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.
"Areas that experienced a lot of homebuilding in recent years or second home activity have experienced larger declines in sales and weaker prices than the state as a whole. These include Northern California, the Northern Wine Country, the Central Valley, San Diego County, and the Lower Desert in Southern California."
**Taken from the California Association of Realtors Bulletin, dated October 27, 2006.
Pic is of a dog whose picture that I took in Dubrovnik, Croatia.
