Sales of existing, single-family homes in California declined 12.2 percent in September compared with a year earlier, and the median price of a resale home rose 4.5 percent to $309,000, C.A.R. reported. On a month-over-month basis, home sales rose 3.8 percent in September and the median price declined 2.7 percent.
"The inventory of homes priced under $500,000 continues to be lean, which is driving moderate or significant price appreciation in this price category," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Conversely, the inventory of homes priced $1 million and higher is more than double the inventory of the under-$500,000 range, which is contributing to weaker prices at the high end," she said.
Contrary to the national picture, the housing supply in California has been below normal throughout 2010. C.A.R.'s Unsold Inventory Index for existing, single-family detached homes remained relatively unchanged in September at 6.2 months, but was up from the 4.5 months recorded in September 2009. The index was 6.1 months in August. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Source: California Association of Realtors
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