Real Estate Data
California Housing Market
| The California housing market continues its bearish descent, with no immediate sign of a turn-around. If housing prices rise, it is more likely to be a result of inflation than a growth in demand. Since late 2007, year-over-year trends show continued and steady decline in home values, and a sharp rise in the number of homes sold at a loss: |
| REO sales and Short-sales account for almost 50% of all California existing home sales. While the number of foreclosures peaked in 2008, foreclosures continue to pressure prices downward and inventory upward. Buyers not only have to be "in love with the home"; they also have to be "in love with the deal". Price is the main factor in a buyer's decision-making. REO and Short-sales are so aggressively priced that traditional sellers can sit on the market for months, and are forced to drop their listing prices as new REOs and Short-sales are listed. |
| The median sales price per square foot of a California home continues to decline. Likewise, the number of homes sold annually continues to decline. These two statistics together show the depth of the housing market recession: despite lower sales prices and lower per square foot cost (increasing affordability), and despite high levels of inventory (increasing availability), demand nevertheless remains extremely weak. The number of homes sold annually, and the median sales price, both continue to trend downward. |
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