Here's the highlights from the march report from the California association of realtors.
LOS ANGELES (April 25) – Home sales decreased 24.5 percent in March in California compared with the same period a year ago, while the median price of an existing home fell 29 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Sales continue to be impacted by problems in the real estate finance sector, which by some measures have eroded since the start of the year,” said C.A.R. President William E. Brown. “Sales in 2007 reached their peak last February; going forward, the year-to-year declines in sales should shrink.”
Closed escrow sales of existing, single-family detached homes in California totaled 318,830 in March 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 24.5 percent from the revised 422,300 sales pace recorded in March 2007.
The median price of an existing, single-family detached home in California during March 2008 was $413,980, a 29 percent decrease from the revised $582,930 median for March 2007, C.A.R. reported. The March 2008 median price fell 1.3 percent compared with February’s revised $419,640 median price.
Highlights of C.A.R.’s resale housing figures for March 2008:
- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in March 2008 was 11.6 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.
- · Thirty-year fixed-mortgage interest rates averaged 5.97 percent during March 2008, compared with 6.16 percent in March 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.12 percent in March 2008, compared with 5.44 percent in March 2007.
- · The median number of days it took to sell a single-family home was 56.7 days in March 2008, compared with 52.9 for the same period a year ago.
Sales Down 24.5%..............Check!
Yup, things are looking up. I'm sure Lawrence Yun will be putting out a press release any day now telling us all "there's never been a better time to buy".
Wouldn't it be nice to see a report that was reality based. Just once I'd like to read, "sales declined 24.5% from last year and the median price declined 29% because prices are still way too high. The California Association of realturds estimate that prices will need to fall another 25% before homes become affordable again."