Housing Market Update

Published: May 31, 2007

<strong>CALIFORNIA HOME SALES DECREASE 27.8 PERCENT IN APRIL</strong>The median price of an existing single-family home in California increased 6.2 percent in April and sales decreased 27.8 percent compared with the same period a year ago, C.A.R. recently reported. &quot;April sales fell in part because of tighter credit standards and growing concerns about the impact of subprime loans on the market,&quot; said C.A.R. President Colleen Badagliacco. &quot;Throughout the state inventory levels have increased to their highest levels in recent years, giving buyers more time to view a greater variety of homes and sellers who set realistic prices an edge in the market.&quot;<br /><br />According to the report, the median price of an existing, single-family detached home in California during April was $597,640, a 6.2 percent increase over the revised $562,820 median for April 2006. Also last month, closed escrow sales of existing, single-family detached homes in California totaled 373,280 at a seasonally adjusted annualized rate, down 27.8 percent compared with the sales pace recorded one year earlier and down 13.3 percent from home resale activity in March 2007.<br /><br />&quot;Although the median price of a home in California continues to rise, this reflects the fall-off in sales in the lower-priced markets of the state where new home inventories and foreclosures are competing with the existing home market,&quot; said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. &quot;Fewer sales from these regions coupled with modest gains in some of the stronger coastal markets are pushing the median price for the state up slightly.&quot;

Last modified: May 31, 2007 at 2:55 pm | Originally published: May 31, 2007 at 2:55 pm
Printed: September 28, 2020