Highlights from CAR's January report
Home sales decreased 29.8 percent in January in California compared with the same period a year ago, while the median price of an existing home fell 21.9 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
The median price of an existing, single-family detached home in California during January 2008 was $430,370, a 21.9 percent decrease from the $551,220 median for January 2007, C.A.R. reported. The January 2008 median price fell 9.7 percent compared with December’s revised $476,380 median price.
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in January 2008 was 16.8 months, compared with 7.6 months 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.
Riverside/San Bernardino
Median $298,010 (Dec Med
Change from 12/07 -8.5% ($325,520) 8.5% in ONE month!
Change from Jan 07 -25.4% ($399,680)
Change in sales from Dec 07 11.8%
Change in sales from Jan 07-18.5%
3 comments:
No way to sugar coat that report...yikes.
Are houses taken back by the bank counted in the sale numbers?
It amazes me that the NAR still has any ounce of credibility. My guess is at by the time we reach the bottom of the market, the public will be disgusted with the NAR and realtors. When that sentiment is universal, maybe then it will be a good time to buy.
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