Median California Home Price $247,590 in Feb.
POSTED April 7, 2009
LOS ANGELES -- Home sales increased 83 percent in February in California compared with the same period a year ago, while the median price of an existing home declined 40.8 percent, the California Association of Realtors (C.A.R.) reported.
"Home sales in California continue to be considerably stronger than the nationwide sales figures," said C.A.R. President James Liptak. "The market will continue to register large, but diminishing year-to-year percentage gains in the coming months, as current sales are compared against the extremely low numbers that prevailed during the early months of the credit crunch."
Closed escrow sales of existing, single-family detached homes in California totaled 620,410 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 increased 83 percent from the revised 338,970 sales pace recorded in February 2008. Sales in February 2009 decreased 0.8 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 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 2009 was $247,590, a 40.8 percent decrease from the revised $418,260 median for February 2008, C.A.R. reported. The February 2009 median price fell 2.3 percent compared with January’s revised $253,330 median price.
"The California median price has declined by a larger margin than the nationwide median price," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "This can be attributed to the under $500,000 portion of the market, which has experienced larger price declines than the other market segments due to the large share of distressed homes for sale. This further contributed to the decline in the statewide median."
February 2009 Median Home Prices
|
|
Median Price
|
Percent Change in Price from Prior Month
|
Percent Change in Price from Prior Year
|
Percent Change in Sales from Prior Month
|
Percent Change in Sales from Prior Year
|
|
|
Feb-09
|
Jan-09
|
|
Feb-08
|
|
Jan-09
|
Feb-08
|
|
Statewide
|
|
|
|
|
|
|
|
|
Calif.
(sf)
|
$247,590
|
-2.3%
|
|
-40.8%
|
|
-0.8%
|
83.0%
|
|
Calif.
(condo)
|
$219,960
|
-0.2%
|
|
-40.2%
|
|
3.2%
|
51.8%
|
|
|
|
|
|
|
|
|
|
C.A.R. Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
Desert
|
$121,970
|
-4.5%
|
|
-44.7%
|
|
-4.8%
|
203.1%
|
|
Los Angeles
|
$308,540
|
1.2%
|
|
-35.5%
|
|
-9.4%
|
69.3%
|
|
Monterey
Region
|
$241,130
|
-8.5%
|
|
-61.1%
|
|
1.6%
|
116.7%
|
|
Monterey
County
|
$210,000
|
-8.7%
|
|
-58.0%
|
|
-0.7%
|
179.4%
|
|
Santa Cruz
County
|
$380,000
|
-15.6%
|
|
-44.5%
|
|
9.6%
|
24.7%
|
|
Northern California
|
$255,810
|
-1.6%
|
|
-22.3%
|
|
-1.0%
|
2.4%
|
|
Northern Wine Country
|
$310,950
|
-6.1%
|
|
-30.7%
|
|
-4.1%
|
70.6%
|
|
Orange
County
|
$433,690
|
2.5%
|
|
-28.9%
|
|
10.5%
|
44.6%
|
|
Palm Springs/Lower Desert
|
$156,000
|
1.9%
|
|
-53.4%
|
|
17.4%
|
69.6%
|
|
Riverside/San Bernardino
|
$174,400
|
-1.0%
|
|
-39.8%
|
|
-9.2%
|
149.6%
|
|
Sacramento
|
$168,700
|
-0.6%
|
|
-34.8%
|
|
2.1%
|
81.0%
|
|
San Diego
|
$320,980
|
-1.3%
|
|
-28.8%
|
|
-0.3%
|
120.5%
|
|
San Francisco
Bay
|
$399,040
|
-0.9%
|
|
-43.5%
|
|
2.0%
|
30.3%
|
|
San Luis Obispo
|
$347,060
|
-9.0%
|
|
-26.4%
|
|
14.3%
|
37.4%
|
|
Santa Barbara
County
|
$300,000
|
7.5%
|
|
-38.6%
|
|
-9.1%
|
1.7%
|
|
Santa Barbara
South Coast
|
$715,000
|
-20.6%
|
|
-44.8%
|
|
9.1%
|
-9.4%
|
|
North
Santa Barbara County
|
$228,260
|
1.4%
|
|
-31.6%
|
|
-19.1%
|
10.8%
|
|
Santa Clara
|
$445,000
|
-1.1%
|
|
-42.9%
|
|
-0.2%
|
37.2%
|
|
Ventura
|
$359,630
|
-1.3%
|
|
-30.9%
|
|
8.8%
|
61.9%
|
*
Santa Barbara County and Monterey County median prices decreased
significantly from February 2008 due mainly to the high proportion of total
sales from lower-priced properties in the regions.
na - not available
* Based on closed escrow sales of single‑family, detached homes only (no
condos). 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
|
|
Feb-09
|
Jan-09
|
|
Feb-08
|
|
|
Statewide
|
|
|
|
|
|
|
Calif.
(sf)
|
$247,590
|
$253,330
|
r
|
$418,260
|
r
|
|
Calif.
(condo)
|
$219,960
|
$220,320
|
r
|
$367,540
|
|
|
|
|
|
|
|
|
Region
|
|
|
|
|
|
|
|
|
|
|
|
|
High
Desert
|
$121,970
|
$127,750
|
|
$220,380
|
|
|
Los Angeles
|
$308,540
|
$304,750
|
r
|
$478,350
|
r
|
|
Monterey
Region
|
$241,130
|
$263,540
|
|
$619,790
|
|
|
Monterey
County
|
$210,000
|
$230,000
|
|
$500,000
|
|
|
Santa Cruz
County
|
$380,000
|
$450,000
|
|
$685,000
|
|
|
Northern California
|
$255,810
|
$259,920
|
|
$329,140
|
r
|
|
Northern Wine Country
|
$310,950
|
$331,150
|
|
$449,000
|
|
|
Orange
County
|
$433,690
|
$423,100
|
|
$609,970
|
r
|
|
Palm Springs/Lower Desert
|
$156,000
|
$153,150
|
|
$334,900
|
|
|
Riverside/San Bernardino
|
$174,400
|
$176,180
|
r
|
$289,660
|
|
|
Sacramento
|
$168,700
|
$169,670
|
|
$258,680
|
|
|
San Diego
|
$320,980
|
$325,260
|
|
$450,710
|
|
|
San Francisco
Bay
|
$399,040
|
$402,750
|
|
$706,880
|
|
|
San Luis Obispo
|
$347,060
|
$381,250
|
|
$471,740
|
|
|
Santa Barbara
County
|
$300,000
|
$279,170
|
|
$488,890
|
r
|
|
Santa Barbara
South Coast
|
$715,000
|
$900,000
|
|
$1,295,000
|
|
|
North
Santa Barbara County
|
$228,260
|
$225,000
|
|
$333,930
|
|
|
Santa Clara
|
$445,000
|
$450,000
|
|
$780,000
|
|
|
Ventura
|
$359,630
|
$364,530
|
|
$520,270
|
|
r=revised
Source: CALIFORNIA ASSOCIATION OF REALTORS
|
|
