BrokerageIndustry News

Calif.: Monthly real estate sales drop 16%

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The median price of single-family homes in California dropped 39 percent year-over-year in March, while the sales pace soared 63.8 percent, the statewide Realtor group reported. The California Association of Realtors also reported that the single-family median price rose 2.2 percent from February 2009 to March 2009 while the monthly sales pace slid 16 percent. By comparison, the National Association of Realtors reported a 12.4 median price drop for all resale home types and a 7.1 percent drop in the sales pace of previously owned homes in March compared to the same month last year (see Inman News). Regionally, the state's Monterey region suffered the biggest year-over-year hit in single-family resale median price (-56 percent) from March 2008 to March 2009, followed by the Santa Barbara County region (-50.8 percent) and the Monterey County Region (-49.5 percent). The slightest year-over-year price drop was in the Northern California region, (-20.8 percent), followed by the...