Blog

Sales of previously-owned single family homes in California increased 83 percent year-over-year for the month of February, as reported by the California Association of Realtors (CAR). The surge was attributed to sharp declines in prices (40.8 percent on average) and near record-low interest rates (now averaging 4.89%).

Regionally, the High Desert region experienced the greatest sales increase with a 203.1 percent year-over-year climb, while Santa Barbara was the only one of the 19 regions to experience a sales decline (down 9.4 percent).

Statewide, the median home price dropped from $418,260 in February of 2008 to $247,590 in February of 2009.

CAR’s Unsold Inventory Index for resale homes was 6.5 months in February, compared with 15.3 months in February of 2008 – this index indicates the amount of time it would take to deplete the current supply of homes for sale at that month’s sales pace. It took a median of 51.5 days to sell a single-family home in February, compared with 69.3 days in February 2008.

Interestingly, Ladera Ranch in Orange County was the only community in the state reporting an increase in the median sales price – up 17.4 percent from the same period last year. Go O.C.