California home prices drop nearly 41% from year ago
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Who would have thought a year ago we would see so steep a price drop this quickly? (That’s a rhetorical question, but go ahead and answer it if you must.)
The median price of existing single-family homes statewide dropped 40.8% in February from the same month in 2008, according to statistics released today by the California Assn. of Realtors. Homes are selling faster though. The median number of days on the market dropped to 51.5 days last month, compared to 69.3 days in February 2008. Sales increased 83% in February from the same month last year.
CAR also posted price data by county and city on its website. Unfortunately, unless I’m missing something, the pricing information is not paired with the number of sales. So there’s no way to know sample size. For example, is that price based on four sales, or 400?
-- Lauren Beale
Thoughts? Comments?
