Home prices smolder
According to the California Association of Realtors the median price for an existing home fell 39.9 percent to $311,060. And with that bit of good news for the buyer, home sales increased 117.1 percent compared to 2007.
“Statewide sales increased significantly in October to 552,750 homes on an annualized basis, the highest sales level since late 2005,” said CAR President James Liptak. “The record gain stemmed primarily from extremely large increases in regions with a high concentration of distressed sales."
In 2008, from Jan. 1 to Nov. 15, the median sold home price was $227,250 as compared to the median price of $259,900 in 2007. The median price of home sold in 2006 was $268,950.
The decline from 2006 to 2007 was slight at only 1 percent in what is described as a very flat market.
In 2006 there were 120 sales compared to 119 in 2007 and 100 in 2008.
The average days a home stayed on the market in 2008 was 181 days. Home for sale on the high end of the market, those more than $500,000, stayed on the market an average of 572 days.
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