California Home Sales-Median Price Decline in February
Following three
consecutive months of sales gains, California home sales declined 9 percent in
February to 497,660 units, compared with the previous month, on a seasonally
adjusted annualized rate, according to C.A.R.’s February sales and price
report. In year-over-year comparisons, home sales in the state declined 4
percent.
“The market pulled back
in February, following three months of sales gains, when the ramifications of
the robo-signing delays from last fall pushed sales into the period from
November of last year to January,” said C.A.R. Vice President and Chief
Economist Leslie Appleton-Young. “February’s sales drop indicates the
effects of the foreclosure freeze are diminishing, and the market is returning
to a more moderate sales pace.”
The statewide median
price of an existing, single-family detached home sold in California declined
2.8 percent in February to $271,320, from a revised $279,140 in January, and
2.5 percent from the $278,190 median price recorded for February 2010.
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