Industry NewsMarkets & Economy

California home-sales rate outpaces ’08

Pace of resales up 83% as median price falls 41%

The sales pace for previously owned single-family homes in California soared 83 percent year-over-year in February while the median price plunged 40.8 percent, the California Association of Realtors reported this week. The seasonally adjusted annual rate of sales dipped 0.8 percent and the median price fell 2.3 percent in February compared to the previous month. The sales rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal fluctuations in sales activity. Regionally, the statewide Realtor group reported that sales climbed 203.1 percent year-over-year in February in the High Desert region -- the highest among the 19 regions tracked. The Santa Barbara South Coast region was the only region with a sales-rate decline (-9.4 percent) during that period. The median single-family resale home price dropped most in the Monterey region (-61.1 percent) and least in the Northern California region (-22.3 percent) year-over-year in Feb...