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Home sales up from previous month
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More from Other NewsSales of existing single-family detached homes in Ventura County last month plunged 36.9 percent from a year ago, but increased 21 percent from January, the California Association of Realtors reported today.
The median sales price was $520,270 in February, down nearly 11.9 percent from $590,380 in January and 23.6 percent from $680,690 in February 2007.
The median is the midpoint, where half the homes sold for more and half for less.
California home sales in February rose from the previous month for the fourth straight month, up 9.5 percent compared to January, CAR reported. But sales were down 28.5 percent last month compared with the same period a year ago, bogged down by the ongoing effects of the credit and liquidity crunch and tighter underwriting standards that have made it more difficult to secure a loan, CAR President William E. Brown said in a release.
There were 343,220 sales recorded in California last month, compared to 480,170 sales a year ago, according to CAR data collected from more than 90 Realtor associations statewide.
California's median price last month was $409,240, a 26.2 percent decline from $554,280 the previous year, CAR reported.
"The Federal Reserve Bank's recent action to reduce the federal funds rate will have little near-term direct effect on the housing market," CAR Vice President and Chief Economist Leslie Appleton-Young said in a statement. "However, Fed rate cuts should result in more favorable real estate finance rates as we move through the year.
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Posted by solvingadream on March 24, 2008 at 1:14 p.m. (Suggest removal)
Prices down 23% in a year and 11% in a month.
They don't say "Don't try and catch a falling knife" for no reason.
Posted by djviking21 on March 24, 2008 at 1:37 p.m. (Suggest removal)
Keep the faith fellow house hunters(buyers) we aren't even near the bottom yet. let the prices drop back down to realistic middle class prices.remember don't believe the hype! prices will turn around slowly so you WILL have plenty of time to jump in once the prices are within reach of us working stiffs....anybody telling you to buy now or risk missing a deal is a realtor desperate to make that B-mer payment.
Posted by ravensnest13 on March 24, 2008 at 1:44 p.m. (Suggest removal)
That's funny, djviking21. I thought my vet and my dentist were the only one's trying to make their
Bmer payment :) My boyfriend and I really want to jump in to the buying market, but just can see making a $2500-$3500 mortgage payment. And with the assistance programs, we make too much for some, and not enough for the others; frustrating.
Posted by ReadMyLipsNoNewTaxes on March 24, 2008 at 2:53 p.m. (Suggest removal)
Where is our resident real estate pumper p.odiddly?
Posted by jon-venturastar on March 24, 2008 at 3:52 p.m. (Suggest removal)
Ah, seems like only yesterday when talk of a bubble was dismissed with gems like this one...
"Home values have doubled in the past four years and almost all, if not all, of those gains are here to stay," said Marshall Prentice, DataQuick president 2005.
Posted by djviking21 on March 24, 2008 at 4:46 p.m. (Suggest removal)
Ravensnest13 I feel your pain. The wife and I are basically in the same boat RE: the ventura affordability program,I notice a ton of their houses have been on the market for over a year now...really, I do not understand how anyone who makes a salary within their abysmally low perameters can afford the payments...bizzare cali crap I guess....hang in there raven....beter,more realistic times seem to be on the horizon....as they say: don't rush in and become a knifecatcher! My apologies to any suffering homeowners as I do not wish equity loss on anyone...
Posted by daleeks on March 24, 2008 at 6:40 p.m. (Suggest removal)
The headline writer should be fired. "Housing Meltdown Accelerates" would be closer to reality.
Posted by sawyerfamily on March 24, 2008 at 8:06 p.m. (Suggest removal)
The home values they talk about are "median" home values.
Well of course that number is going to go down SUBSTANTIALLY when no one can finance a jumbo loan and the only homes selling are the confrming loan homes (under $417,000).
If 90% of your homes sold are in the under $417,000 range (easily financable) and the other 10% is in the jumbo range (over $417,000 and more difficult to finance) that could easily account for a drop like that.
I am not trying to make out like everything is great, but I think some of these "huge declines" that everyone is talking about may be overblown. Or, as a homeowner, I may just want to make myself feel better ;)
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