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Home sales continue slide, prices creep up
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More from Other NewsVentura County home sales continued down a dismal path in September, but the median price for an existing single-family detached residence edged up slightly from August.
Sales were down 43.4 percent from August and 47.3 percent for the same month a year ago, the California Association of Realtors reported today.
The median price was $681,820 in September, up 1.8 percent from $669,870 in August but down 0.7 percent from $686,730 a year ago. The median is the midpoint, where half the homes sell for more and half for less.
Statewide, the median fell to $530,830 in September, down 9.9 percent from August and 4.7 percent from the same month a year ago.
It was the largest month-to-month percentage decline in median price on record, and the first year-to-year decline in more than 10 years, said CAR President Colleen Badagliacco. She attributed the falloff to the credit crunch.
Home sales also plunged, 14.9 percent from the previous month and 38.9 percent from September 2006.
"California's sales fell more steeply than those of the U.S. as a whole because of its heavy reliance on jumbo loans — those above the conforming loan limit of $417,000," she said. "This speaks to the need to raise the conforming loan limit in high-cost states like California to more accurately reflect the cost of housing."
Posted by XcLarate on October 24, 2007 at 4:17 p.m. (Suggest removal)
READY......... SET......... BLOG.......
Posted by Fred on October 24, 2007 at 4:30 p.m. (Suggest removal)
the high end is only selling, pushing up the median.
The ship is tilting severely, man the lifeboats!?!
Posted by surfing93035 on October 24, 2007 at 4:50 p.m. (Suggest removal)
As log as idiots are willing to over-pay, the $350K tract homes are still selling @ $595-$650, still a complete joke.
Posted by chili_con_artcarne on October 24, 2007 at 6:04 p.m. (Suggest removal)
I agree with Fred, the high end is pushing up the median. New condos I looked at for $750,000 are now being marketed (not sold, marketed) at $675,000.
Posted by Angelito on October 24, 2007 at 8:47 p.m. (Suggest removal)
The median Price has no meaning at all, except to gauge what kind of homes are selling, and which types of homes are not.
The expensive homes are selling better than the medium priced homes. However it doesn't take a rocket scientist to figure that the home market is crashing, and there is nothing we can do to stop it from falling. The Fed will never cut the interest rate severely for thr long term borrowing.
it tried with the short term, but it didn't stop the crash. By this time next year, hundreds of thousands of homes will be lost to foreclosure, adding to the already overcrowded inventory. This can only be translated into lower prices for used homes, and more incentives from new home developers, and a slow down in new home construction.
I personally will hold off from buying any additional properties until around 2010, or when I see that the home prices start to climb for 5 consecutive months.
Posted by SmashyCrashy on October 24, 2007 at 9:06 p.m. (Suggest removal)
There was a couple of solid SFH foreclosures under 400k in Simi, 1 just went pending (3 bedroom 2 bath, central simi, 379k). Last June there wasnt a single house under 450k in Simi and the ones that were under 500k were unliveable.
As the sales get fewer and fewer the most recent sales are going to have a great effect on prices due to the banks being more conservative on what they will take as a comparable for appraisal.
Posted by egg on October 24, 2007 at 10:10 p.m. (Suggest removal)
......drop till it hurts!
......momma needs a new house!
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