Industry NewsMarkets & Economy

California home sales still falling

Home sales drop 24.5% in March; prices down 29%

Home sales decreased 24.5 percent in March in California compared with the same period a year ago, while the median price of an existing home fell 29 percent, according to a recent report by the California Association of Realtors. Closed escrow sales of existing, single-family detached homes in California totaled 318,830 in March at a seasonally adjusted annualized rate, according to C.A.R. The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in March 2008 was 11.6 months, compared with 7.6 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. The median number of days it took to sell a single-family home was 56.7 day...

Comments