Special Report:Global Financial Crisis
LOS ANGELES, Dec. 24 (Chinese media) -- The median price of an existing home in California fell 41.8 percent in November, compared with the same period last year, while home sales increased 83.2 percent, a realty firm reported.
The median price of an existing, single-family detached home in California during November was 285,680 dollars, a 41.8 percent decrease from the revised median price of 490,511 dollars for November 2007, the California Association of Realtors (CAR) said in a report available here on Wednesday.
Last month's median price fell 5.3 percent compared with October's revised 301,740-dollar median price, said the report.
"The statewide median dropped below 300,000 dollars for the first time since early 2002," said CAR Vice President and Chief Economist Leslie Appleton-Young. "Median prices declined across all regions of the state in year-year terms, with the largest declines occurring in areas with higher concentrations of distressed sales."
Despite the month-over-month decline, sales were above the 500,000 home level for the third consecutive month, said the report.
"Sales are now 102 percent above the monthly trough for this cycle, which occurred a year ago in September and October, and are22.3 percent above sales in 2007 in year-to-date terms," said CAR President James Liptak.
The CAR collected the information from more than 90 local realtor associations statewide.
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