Home sales increased 9 percent in August in California compared with the same period a year ago, while the median price of an existing home declined 16.9 percent, the California Association of REALTORS® (C.A.R.) reported today.
"First-time buyers continue to be the driving force in home sales throughout the state," said C.A.R. President James Liptak. "The tax credit is a proven economic stimulus that clearly is working, and should be extended through 2010 and expanded to include all home buyers."
The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30.
Closed escrow sales of existing, single-family detached homes in California totaled 526,970 in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 9 percent from the revised 483,400 sales pace recorded in August 2008.
The median price of an existing, single-family detached home in California during August 2009 was $292,960, a 16.9 percent decrease from the revised $352,730 median for August 2008, C.A.R. reported. The August 2009 median price rose 2.6 percent compared with July's $285,480 median price.??
"The statewide median price rose for the sixth consecutive month in August," said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young. "Recent price gains are consistent with the low inventory levels of the past few months."
"Sales have exceeded 500,000 homes for 12 consecutive months, and now are 38 percent higher on a year-to-date basis compared with 2008," said Appleton-Young.
The median number of days it took to sell a single-family home was 35.2 days in August 2009, compared with 47.6 days (revised) for the same period a year ago.??
At a recent local REALTOR® meeting of members of the Silicon Valley Association of REALTORS®, REALTORS® indicated market activity in the region is up and the higher-end market, which had softened for a period, has attracted the interest of buyers. The C.A.R. report shows Saratoga, Los Gatos, Cupertino and Mountain View among the top cities with the highest median home prices in the state in August. The top 10 cities with the highest median home prices were: Saratoga, $1,337,000; Palos Verdes, $1,170,000; Newport Beach, $1,040,000; Los Gatos, $900,000; Cupertino, $870,000; Danville, $825,000; Santa Monica, $810,000; Rancho Palos Verdes, $765,000; Arcadia, $750,000; and Mountain View, $732,500.
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.