First quarter housing market report from CAR

Published by admin on April 30,2009

CAR just sent this to me.....

First Quarter Housing Market Report

Encouraged by record low levels in interest rates and continued decline in home prices, motivated home buyers helped the statewide sales improve for the fifth consecutive quarter since bottoming out in the fourth quarter of 2007. Sales of existing single-family homes surged to 590,390 in the first quarter of 2009, an increase of 9.7 percent from the fourth quarter of 2008, and a jump of 82.7 percent from the first quarter of last year. The sales level was the highest since the third quarter of 2005 when sales reached a near-record of 634,090.

Meanwhile, the median price for California continued to decline as deeply-discounted distressed sales remained at high levels in many parts of the state. The median home price for existing single-family detached homes dropped 40.1 percent from a year ago to $256,850 in the first quarter of 2009, reaching a level not seen since early 2001.

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