State home sales double as prices fall
By Gregory J. Wilcox, Staff Writer
Updated: 02/26/2009 10:42:15 PM PST
Home sales more than doubled in California during January while the price slide continued, with the median tumbling to its lowest level in nearly eight years, the California Association of Realtors said Thursday.
But in an encouraging sign, the flood of foreclosures is attracting bargain hunters, and sales would total 624,940 houses in 2009 if activity continued at January's pace.
It's the first time since October 2005 that the annualized rate tops 600,000 sales.
"The strength in California home sales in recent months signifies that the market is gradually working its way through the large numbers of distressed sales that have followed in the wake of the troubled mortgage problem," said association President James Liptak.
Robert Kleinhenz, the association's deputy chief economist, said it's a good sign that January's sales rate reflected numbers typically seen during the spring and summer selling season.
That's because areas hardest hit by foreclosures accounted about 40 percent of January's sales, he said.
"We're not out of the woods yet but we can say with a certain amount of confidence that the market is doing a good job of pushing these properties through the pipeline," he said.
January's median price was $254,350, its lowest level in nearly eight years ago and $172,850 lower than the year-ago median of $427,200. The median price fell 9.5 percent from December's $281,180.
In Los Angeles County, The median price fell 35 percent from a year ago to $305,310 and sales rose 85 percent. In Ventura County the median tumbled 38 percent to $364,530 and sales jumped 80 percent.
greg.wilcox@dailynews.com 818-713-3743
Updated: 02/26/2009 10:42:15 PM PST
Home sales more than doubled in California during January while the price slide continued, with the median tumbling to its lowest level in nearly eight years, the California Association of Realtors said Thursday.
But in an encouraging sign, the flood of foreclosures is attracting bargain hunters, and sales would total 624,940 houses in 2009 if activity continued at January's pace.
It's the first time since October 2005 that the annualized rate tops 600,000 sales.
"The strength in California home sales in recent months signifies that the market is gradually working its way through the large numbers of distressed sales that have followed in the wake of the troubled mortgage problem," said association President James Liptak.
Robert Kleinhenz, the association's deputy chief economist, said it's a good sign that January's sales rate reflected numbers typically seen during the spring and summer selling season.
That's because areas hardest hit by foreclosures accounted about 40 percent of January's sales, he said.
"We're not out of the woods yet but we can say with a certain amount of confidence that the market is doing a good job of pushing these properties through the pipeline," he said.
January's median price was $254,350, its lowest level in nearly eight years ago and $172,850 lower than the year-ago median of $427,200. The median price fell 9.5 percent from December's $281,180.
In Los Angeles County, The median price fell 35 percent from a year ago to $305,310 and sales rose 85 percent. In Ventura County the median tumbled 38 percent to $364,530 and sales jumped 80 percent.
greg.wilcox@dailynews.com 818-713-3743
