The California Association of Realtors has issued it's official February report. Here's a few lowlights,
Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California totaled 343,220 in February at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 28.5 percent from the revised 480,170 sales pace recorded in February 2007.
The median price of an existing, single-family detached home in California during February 2008 was $409,240, a 26.2 percent decrease from the revised $554,280 median for February 2007, C.A.R. reported. The February 2008 median price fell 4.8 percent compared with January’s revised $429,790 median price.
%change from Jan......... -2.8%
%change from 07 ...... -27.2%
%change in sales from Jan.... -7.4%
% change in sales from 07 ....-17%
So to recap, sales down 7% from last month, down nearly 20% from last year, prices down nearly 30% from last year (ouch). Feb is a short month so some of those declines in volume might be a factor of that, although this year there were nearly the same amount of biz days in Jan and Feb.
I would expect to see sales volume picking up month over month this time of year. We are moving into spring which is one of the busier times of the year. Sales volumes usually start picking up. Don't be surprised to see headlines spouting off results like "March sales up 10%". Duh, March sales are always way up over Feb sales. But the NAR will do just about anything these days to make things seem better than they are.