The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today that Home sales increased 117.1 percent in October in California compared with the same period a year ago, while the median price of an existing home fell 39.9 percent.
“The year-to-year decline in the statewide median home price was smaller in October than the previous month for the first time in 11 months,†said C.A.R Vice President and Chief Economist Leslie Appleton-Young. “However, there is still no conclusive indication that prices have begun to stabilize.â€
For San Diego, the report showed the median home price for October was down 9.6% vs. September and off 37.4% from October 2007. San Diego real estate listings
October 2008 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
Median Price |
Percent Change in Price from Prior Month |
Percent Change in Price from Prior Year |
Percent Change in Sales from Prior Month |
Percent Change in Sales from Prior Year | ||||
|
|
Oct-08 |
Sep-08 |
|
Oct-07 |
|
Sep-08 |
Oct-07 | |
|
Statewide |
|
|
||||||
|
Calif. (sf) |
$311,060 |
-1.9% |
-39.9% |
9.5% |
117.1% | |||
|
Calif. (condo) |
$267,700 |
-8.4% |
-36.7% |
10.3% |
63.3% | |||
|
|
|
|||||||
|
C.A.R. Region |
|
|
||||||
|
Central Valley |
NA |
NA |
NA |
NA |
NA | |||
|
High Desert |
$154,660 |
-3.2% |
-41.8% |
9.0% |
269.2% | |||
|
Los Angeles |
$366,520 |
-2.6% |
-32.2% |
0.0% |
118.9% | |||
|
Monterey Region |
$336,630 |
-3.2% |
-52.7% |
7.6% |
144.0% | |||
|
Monterey County |
$285,000 |
1.8% |
-54.0% |
13.1% |
275.8% | |||
|
Santa Cruz County |
$500,000 |
5.3% |
-31.7% |
-4.8% |
25.5% | |||
|
Northern California |
$310,120 |
-3.5% |
-17.0% |
-4.3% |
16.5% | |||
|
Northern Wine Country |
$369,890 |
0.2% |
-30.6% |
15.6% |
95.4% | |||
|
Orange County |
$490,360 |
-1.1% |
-28.6% |
5.3% |
108.1% | |||
|
Palm Springs/Lower Desert |
$206,050 |
3.1% |
-36.3% |
6.3% |
115.0% | |||
|
Riverside/San Bernardino |
$209,990 |
-3.6% |
-39.7% |
13.5% |
254.9% | |||
|
Sacramento |
$196,920 |
0.5% |
-36.3% |
4.1% |
173.1% | |||
|
San Diego |
$337,640 |
-9.6% |
-37.4% |
25.0% |
131.6% | |||
|
San Francisco Bay |
$520,920 |
-6.1% |
-35.8% |
1.0% |
49.1% | |||
|
San Luis Obispo |
$396,430 |
5.7% |
-27.7% |
19.6% |
57.3% | |||
|
Santa Barbara County |
$341,300 |
-4.0% |
-54.0% |
2.7% |
83.5% | |||
|
Santa Barbara South Coast |
$860,000 |
-9.0% |
-35.1% |
-2.7% |
18.0% | |||
|
North Santa Barbara County |
$247,580 |
-3.1% |
-31.4% |
3.5% |
178.6% | |||
|
Santa Clara |
$549,940 |
-8.3% |
-36.4% |
-9.6% |
42.2% | |||
|
Ventura |
$427,650 |
-1.0% |
-34.3% |
12.1% |
119.5% | |||
* Santa Barbara County and Monterey County median prices decreased significantly from Oct 07 due mainly to the high proportion of total sales from lower-priced properties in the regions.
na – not available
*Based on closed escrow sales of single‑family, detached homes only (no condos). Reported month‑to‑month changes in sales activity in June overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.
sf = single‑family, detached home
Source: CALIFORNIA ASSOCIATION OF REALTORS®
Median Prices By Region – Current Month vs. Year Ago
|
|
Oct-08 |
Sep-08 |
|
Oct-07 |
|
|
Statewide |
| ||||
|
Calif. (sf) |
$311,060 |
$316,960 |
r |
$517,240 |
r |
|
Calif. (condo) |
$267,700 |
$292,140 |
r |
$422,620 |
r |
|
|
|||||
|
C.A.R. Region |
| ||||
|
Central Valley |
NA |
NA |
NA |
||
|
High Desert |
$154,660 |
$159,720 |
$265,880 |
||
|
Los Angeles |
$366,520 |
$376,440 |
r |
$540,590 |
r |
|
Monterey Region |
$336,630 |
$347,920 |
$711,400 |
r | |
|
Monterey County |
$285,000 |
$280,000 |
$620,000 |
||
|
Santa Cruz County |
$500,000 |
$475,000 |
$732,500 |
r | |
|
Northern California |
$310,120 |
$321,320 |
$373,790 |
||
|
Northern Wine Country |
$369,890 |
$369,180 |
$532,900 |
r | |
|
Orange County |
$490,360 |
$496,010 |
r |
$686,700 |
r |
|
Palm Springs/Lower Desert |
$206,050 |
$199,810 |
$323,440 |
||
|
Riverside/San Bernardino |
$209,990 |
$217,730 |
$348,010 |
r | |
|
Sacramento |
$196,920 |
$195,900 |
$309,360 |
||
|
San Diego |
$337,640 |
$373,620 |
$539,060 |
||
|
San Francisco Bay |
$520,920 |
$554,730 |
$811,200 |
r | |
|
San Luis Obispo |
$396,430 |
$375,000 |
$548,610 |
||
|
Santa Barbara County |
$341,300 |
$355,560 |
$742,190 |
||
|
Santa Barbara South Coast |
$860,000 |
$945,000 |
r |
$1,325,000 |
|
|
North Santa Barbara County |
$247,580 |
$255,440 |
$360,870 |
||
|
Santa Clara |
$549,940 |
$600,000 |
$865,000 |
r | |
|
Ventura |
$427,650 |
$431,770 |
$650,570 |
na – not available
r – revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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This is the result of cooking the books to give home loans to people who otherwise couldn’t even get a car loan. The lenders and the borrowers are equally to blame. They created the bubble that burst- and who are the true victims?– those of us who could actually qualify for the loan and are still making house payments and homes that are rapidly depreciated due to the crooks and liars who cooked the books.
real estate in san diego
A house is WORTH what you can sell it for. Since it is virtually impossible to sell a house today, it’s WORTH is obviously less that the asking price.
California lawyers
“They’re not making any more land”, “It’s different in (insert your city)”, “everyone wants to live here”, “buy now or be priced out forever”…etc. These are all the lines that the sheeple have bought into from the real estate industry and all their “experts”. Bottom, line: this is the tip of the iceberg. People seem to forget history, and how it has a way of repeating itself. This is not a 1 year “slump”, this is an end to a cycle of people’s pie-in-the-sky attitude about real estate. I cannot wait to buy a house in 3-5 years, when prices are REALLY good. If you buy now, you’re overpaying. Think about it: is 20% off an item that is marked up 400% a good deal?
Fresno real estate attorneys
Thanks for this information. There have been a number of published studies or reports that there are expected to be more foreclosures in 2009 because of the high number of “exploding type” loans set to go off next year. So predicting exactly when this phase will slow down or come to an end is, therefore, very difficult. We have had a number of students advise they have loans which will “explode” in 2009 and 2010 (it hurts to see this, as most of these folks could have avoided these types of financing deals had they only bothered to learn something about real estate before diving into it without the knowledge they’d most likely have picked up in any good Real Estate Principles course.
Las Vegas real estate attorneys
Why do we think jeopardizing our country’s future for short term gain is a good idea? As a whole, Americans live beyond their means and rely on….credit. You can’t expect Uncle Sam to “fix” all of your personal finance problems. Time to let the chips fall where they may…
Lasik
When I was buying a house about 4 years ago, you could not believe the zany loans I was offered. Interest only was big then…”all you need is to pay your interest then whatever you can afford on the principle.” Thank god I wasn’t foolish enough to do that; I’d be one of the many in foreclosure now.
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