Home prices drop in February

Home prices dropFollowing three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the California Association of Realtors® (C.A.R.).  The statewide median price of an existing, single-family detached home sold in California also declined in February.

MAKING SENSE OF THE STORY

  • Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 497,660 in February, according to information collected by C.A.R. from more than 90 local Realtor® associations and MLSs statewide.
  • February’s sales were down 9 percent from January’s revised pace of 547,080 units, and down 4 percent from the 518,390 sales pace recorded in February 2010.  The statewide sales figure represents what would be the total number of homes sold during 2011 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 sold in California in February declined 2.8 percent to $271,320, from a revised $279,140 in January, and was down 2.5 percent from the $278,190 median price recorded for February 2010.  The February 2011 median price was the lowest since May 2009, when it was $263,440.
  • “The market pulled back in February, following three months of sales gains, when the ramifications of the robo-signing delays from last fall pushed sales into the period from November of last year to January,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “February’s sales drop indicates the effects of the foreclosure freeze are diminishing, and the market is returning to a more moderate sales pace.”
  • C.A.R. has posted median prices, unsold inventory stats, sales figures, time on market data, and more by county and region.  Click here to view this information from C.A.R.

Read the Pasadena Star-News’ article: “Home prices drop in February.”

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