Big March CA Home Sales Increase; Prices Significantly Lower
Statewide figures from the California Association of Realtors (C.A.R.) for March 2009 show a 64 per cent increase in the number of sales and a 39 per cent decrease in median price. Both of these factors are tied into the large amount of bank owned properties and short sales in California.
A possible encouraging sign is that the median price of existing, single family detached homes went up over two per cent when comparing March 2009 ($253,040) to February 2009 ($247,590).
C.A.R.’s Chief Economist, Leslie Appleton-Young, stated: “While we still face continued weakness in the general economy and expect continued foreclosures, the increased incidence of multiple offers indicates that first-time home buyers and investors are responding to dramatically improved housing affordability. Low mortgage rates and house prices, coupled with the federal first-time home buyer tax credit, is having a definite impact on the California housing market.”
For March 2009 data on Oakland’s popular neighborhoods, see my article, “Buyers and Sellers Confused by Contradictory Trends.” There are graphs to go along with the article.