Saturday, December 23, 2006

Another First

From the OC Register:

Home gains are now gone in more than half of California's towns. Fresh stats from California Realtors show that 52.8 percent of 356 bigger cities in the state went without year-over-year gains for November in their median price for resales of single-family homes. It's the first time winners were in the minority since Realtors began tracking this number in 1993. A year ago, only 3.9 percent of California cities were without house appreciation.
From the Stockton Record:
The November median sales price for existing homes in the Central Valley has fallen nearly 4 percent from November 2005, as a soft housing market with a soaring number of houses for sale forced some sellers to pare prices.
The monthly report doesn't gauge the market in San Joaquin County. In the Central Valley, though, the median sales price slipped from $345,160 in October to $340,370 last month, a 1.4 percent decline. That compares with a median sales price of $354,200 in November 2005. Sales over the 12 months were down nearly 30 percent in the Valley, the report said.
Leslie Appleton-Young, the Realtor association's chief economist, said there is a mixed market picture across the state, with more regions reporting year-to-year declines than increases. "We've seen three or more months of year-to-year price declines in areas where there was a lot of home-building activity and in those areas that are popular for second-home purchases," she said.


sippn said...

I expected it to be worse news than that...that median price statewide is actually up? That over 1/2 the major cities experianced gains instead of losses? kinda positive.

The fine print said that losses occured mostly where there was a lot of new home building (overbulding and investor speculation).

Thats interesting. We are experianceing the same thing here in pockets of appreciation.

Hopefully when the supply dies down a little (it should) the depreciation should stop.

That and I need to do something besides this!

Lander said...

That over 1/2 the major cities experianced gains instead of losses? kinda positive.

Maybe I'm sipping too much eggnog, but I thought I read that more than 1/2 of the areas DID NOT experience gains.