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Median California Home Price $409,240 in FebruaryPOSTED April 18, 2008 LOS ANGELES -- Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, according to the California Association of Realtors. "Although sales rose for the fourth straight month in February by 9.5 percent compared to 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," said C.A.R. President William Brown. "It is crucial that FHA reform legislation currently under consideration by congress include higher loan limits for high-cost states like California," he said. "The proposed legislation also includes a reduction in the down payment requirement for FHA loans and will include condominiums in the FHA single-family program, which will make it easier for buyers in the condominium market to qualify for loans." Closed escrow sales of existing, single-family detached homes in California totaled 343,220 in February at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR associations statewide. Statewide home resale activity decreased 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 year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during February 2008 was $409,240, a 26.2 percent decrease from the revised $554,280 median for February 2007, C.A.R. reported. The February 2008 median price fell 4.8 percent compared with January's revised $429,790 median price. "The Federal Reserve Bank's recent action to reduce the federal funds rate will have little near-term direct effect on the housing market," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "However, Fed rate cuts should result in more favorable real estate finance rates as we move through the year." Statewide, the 10 cities and communities with the highest median home prices in California during February 2008 were: Santa Barbara, $1,150,000; Redwood City, $875,000; Danville, $875,000; Encinitas, $842,500; Santa Monica, $787,000; Mountain View, $784,000; San Clemente, $770,000; San Mateo, $750,000; Sunnyvale, $741,750; San Francisco, $737,750; Carlsbad, $675,000. Statewide, the 10 cities and communities with the greatest median home price increases in February 2008 compared with the same period a year ago were: Encinitas, 25.7 percent; Santa Barbara, 23.4 percent; Walnut Creek, 21.5 percent; Redwood City, 14 percent; Carlsbad, 10.9 percent; Sunnyvale, 5.3 percent; Mountain View, 3.4 percent; Rancho Mirage, 2.6 percent; Santa Monica, 1.5 percent; Los Angeles, 1.5 percent; Santa Clarita, 0.9 percent.
*Based on closed escrow sales of single-family, detached homes only (no condos). Reported month-to-month changes in sales activity in February overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold. sf = single-family, detached home Source: CALIFORNIA ASSOCIATION OF REALTORS
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