The California Association of REALTORS® reports home sales in the state of California increased 83.2 percent in November compared with the same period a year ago; the median price of an existing home, however, fell 41.8 percent.
"Statewide sales registered a monthly decline for the first time since the first quarter of this year, reacting in part to the worsening situation in the economy, the financial sector, and in terms of consumer and business confidence," said C.A.R. President James Liptak. "Despite the month-over-month decline, sales were above the 500,000 home level for the third consecutive month. Sales are now 102 percent above the monthly trough for this cycle, which occurred a year ago in September and October, and are 22.3 percent above sales in 2007 in year-to-date terms."
Statewide home resale activity increased 83.2 percent from the revised 280,920 sales pace recorded in November 2007. Sales in November 2008 were down 6.9 percent from October 2008.
C.A.R. reports the median price of an existing, single-family detached home during November 2008 was $285,680, a 41.8 percent decrease from the revised $490,511 median for November 2007. The November 2008 median price fell 5.3 percent compared with October's revised $301,740 median price.
It is the first time since early 2002 that the statewide median dropped below $300,000 California Association of REALTORS® chief economist Leslie Appleton-Young said, noting the largest declines occurred in areas with higher concentrations of distressed sales.
The median number of days it took to sell a single-family home was 44.3 days in November 2008, compared with 61.6 days for the same period a year ago.
Data provided by DataQuick Information Systems shows the November 2008 median price for all homes in Santa Clara County was $446,000, down 36.7 percent from $705,000 in November 2007. The median price of homes in Morgan Hill and Gilroy dropped by 52.4 percent and 37.9 percent from last year, respectively, while the median price of a Sunnyvale home declined 12.1 percent, from $710,000 in November 2007 to $624,000 in November 2008.
The 10 cities with the highest median home prices in California during November 2008 were: Santa Barbara, $875,000; San Ramon, 790,000; Danville, $789,000; Arcadia, $692,500; Berkeley, $690,000; San Mateo, $670,000; Redondo Beach, $667,500; San Francisco, $648,000; Alameda, $635,500; and Irvine, $635,000.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.