Industry NewsMarkets & Economy

California housing market sees more declines

February sales, prices fall by double digits from a year ago

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California home sales decreased 28.5 percent in February compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the California Association of Realtors reported today. "Although sales rose for the fourth straight month in February by 9.5 percent compared with the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan," C.A.R. President William E. Brown said in a statement. Closed escrow sales of existing, single-family detached homes in California totaled 343,220 in February at a seasonally adjusted annualized rate, C.A.R. reported, down 28.5 percent from the revised 480,170 sales pace recorded in February 2007. The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the February pace throughout the...