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Home sales, median home price decline in September PDF Print E-mail
Wednesday, 19 October 2011 23:22

Source:  C.A.R.

Heightened economic uncertainty contributed to a decrease in California home sales in September, according C.A.R. September sales and price report. However, September home sales posted higher on a year-to-year basis for the third consecutive month and remain at stable levels.

Closed escrow sales of existing, single-family detached homes in California fell to a seasonally adjusted 487,940 units in September, down 2.1 percent from a revised 498,320 in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  However, September home sales were up 4.1 percent from the revised 468,700 units sold during the like period a year ago.

“September’s sales decline was not a surprise, given the run of economic events that occurred during the time these sales were initiated, such as the debt debate, weakened stock market, and pending changes to the conforming loan limit,” said C.A.R. President Beth L. Peerce.  “This heightened uncertainty, coupled with the lower conforming loan limit, which some large lenders began implementing in early July, had an adverse impact on September sales.”

The September statewide median price of an existing, single-family detached home sold in California was $287,440, down 3.2 percent from a revised $297,060 in August and down 8.3 percent from the $313,460 median price recorded for September 2010.

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