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The California Association of Realtors (“CAR”) reported that the pace of single-family home sales in California soared 63.8% year-over-year in March, while the median price of single-family homes in California dropped 39% during the same period. CAR also noted that the single-family median price rose 2.2% from February 2009 to March 2009 while the monthly sales pace slid 16%.
By comparison, the National Association of Realtors reported a 12.4% median price drop for all resale home types and a 7.1% drop in the sales pace of previously owned homes in March compared to the same month last year.
Statewide, it took a median 48.3 days to sell a single-family resale home in March 2009, down from 56.8 days in March 2008, according to CAR.
And CAR’s Unsold Inventory Index for single-family resale homes was five months in March 2009, compared with 12.2 months in March 2008 — the index is a gauge of how long it would take to exhaust the inventory of for-sale homes at the monthly sales pace.
Bottom line… prices in California have dropped significantly more than those in most other parts of the country. It’s a great time to purchase. But, the party is starting to come to an end as evidenced by the recent increase in median prices and the decline in inventory.
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