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Home Sales Jump 69% in February (Direct Link)
From Fox 11 News Website
By: David Dain
Los Angeles (myFOXla.com) - Home sales jumped 69.3 percent in the Los Angeles area in February, compared to the same period a year ago, while the median home price fell 35.5 percent, according to figures released today.
The median price of an existing single-family home in Los Angeles was $308,540 in February, compared to $304,750 the previous month and $478,350 last year, according to the California Association of Realtors.
In Orange County, home sales increased 44.6 percent in February, compared to the same month last year, while the median home price was $433,690, down 28.9 percent from $609,970 in February 2008.
Home sales increased 83 percent in February in California, compared with the same period a year ago, while the median price of an existing home declined 40.8 percent, according to CAR's report.
"Home sales in California continue to be considerably stronger than the nationwide sales figures," said James Liptak, CAR's president. "The market will continue to register large, but diminishing year-to-year percentage gains in the coming months, as current sales are compared against the extremely low numbers that prevailed during the early months of the credit crunch."
The median price of an existing, single-family detached home in California in February was $247,590, compared to $253,330 the previous month and $418,260 in February of last year, according to CAR.
"The California median price has declined by a larger margin than the nationwide price," Leslie Appleton-Young, CAR's vice president and chief economist, said in a statement.
"This can be attributed to the under $500,000 portion of the market, which has experienced larger price declines than the other market segments due to the large share of distressed homes for sale," she said. "This further contributed to the decline in the statewide median."
The median number of days it took to sell a single-family home statewide declined to 51.5 days in February, compared to 69.3 days during the same month last year, according to CAR.
The median price of an existing single-family home in Los Angeles was $308,540 in February, compared to $304,750 the previous month and $478,350 last year, according to the California Association of Realtors.
In Orange County, home sales increased 44.6 percent in February, compared to the same month last year, while the median home price was $433,690, down 28.9 percent from $609,970 in February 2008.
Home sales increased 83 percent in February in California, compared with the same period a year ago, while the median price of an existing home declined 40.8 percent, according to CAR's report.
"Home sales in California continue to be considerably stronger than the nationwide sales figures," said James Liptak, CAR's president. "The market will continue to register large, but diminishing year-to-year percentage gains in the coming months, as current sales are compared against the extremely low numbers that prevailed during the early months of the credit crunch."
The median price of an existing, single-family detached home in California in February was $247,590, compared to $253,330 the previous month and $418,260 in February of last year, according to CAR.
"The California median price has declined by a larger margin than the nationwide price," Leslie Appleton-Young, CAR's vice president and chief economist, said in a statement.
"This can be attributed to the under $500,000 portion of the market, which has experienced larger price declines than the other market segments due to the large share of distressed homes for sale," she said. "This further contributed to the decline in the statewide median."
The median number of days it took to sell a single-family home statewide declined to 51.5 days in February, compared to 69.3 days during the same month last year, according to CAR.
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