California home sales fall 12 percent in August

CoolMax

(09-17) 15:33 PDT San Francisco (AP) --

California home sales tumbled 12 percent from July to August as a shrinking inventory of foreclosure properties and worries about the economy weighed on the market, a real estate tracking firm said Thursday.

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The median home price in August dipped slightly to $249,000, compared with $250,000 in July and $301,000 a year earlier, according to San Diego-based MDA DataQuick.

Last month, 39,811 new and resale houses and condos were sold statewide, down from 45,079 in July but up roughly 5 percent from 37,988 a year earlier, the firm reported.

Foreclosure homes made up 40 percent of existing home sales last month, the lowest percentage during the past year. In February, they accounted for 59 percent of existing homes sold.

"We saw sales fall across the state, and we think one of the main reason is fewer low-cost foreclosures," said DataQuick analyst Andrew LePage. "That's constraining sales to some extent, as well as the ongoing weak economy. We're still climbing our way out of really deep recession, and that's impacting people's willingness to buy."

LePage said he was surprised by the magnitude of the decline, particularly because home sales have on average increased 4 percent between July and August since 1988. This year's 12 percent sales drop is the second-largest for the two-month period in the past 20 years.

MDA DataQuick also reported Thursday the median home price in the San Francisco Bay area fell by 9 percent from July to August, and the number of homes sold in the nine-county region dropped 14 percent.

The median price paid for all Bay Area houses and condos sold in August was $360,000, compared with $395,000 in July and $447,000 a year earlier.

The median price fell as more sales occurred in less expensive, inland areas.

The firm said 7,518 Bay Area homes were sold in August, down from 8,771 in July. The number of foreclosure properties sold fell 15 percent.

On Tuesday, DataQuick reported that home sales in the six-county Southern California region declined 11 percent in August compared with July, while the median price rose 3 percent to $275,000.

MDA DataQuick analysts said there was still uncertainty about home prices, interest rates, the availability of mortgages and the number of foreclosures to come.

"Right now the key question is, how many more foreclosures are coming and when?" LePage said. "Some people think there's at least one more large wave coming."

yaobooyao

A mix picture, seems the foreclosure is lower.

Anyone from Bay area can tell some first hand perception? Is it truly getting better (or less worse)?

CoolMax

Recovery has long way to go in SF Bay Area.

xuetu

3# CoolMax


老大,怎么突然这么bearish?

exg

it does not matter. gogogo upupup

长叶草

5# exg


同意

CoolMax

3# CoolMax


老大,怎么突然这么bearish?
xuetu 发表于 2009-9-21 05:37 PM

我一直是大熊。

中期去1200，所以俺中期看牛。
长期得等1200后的走势来确定，目前维持长期Down的判断。

X!nG

Coolmax最近把握的真好...

Noah

Thanks!

ruoshui

thanks.