California home sales up 83 percent, prices drop 41 percent

[Marc]

California home sales in February were 83 percent ahead of the previous year, while the median existing home price dropped 41 percent in the past year, according to a report Wednesday from the California Association of Realtors.

Locally, here are the figures on home sales:

Los Angeles -- sales up 69.3 percent versus February 2008, down 9.4 percent from January

Orange County -- sales up 44.6 percent versus Febraury 2008, up 10.5 percent from January

Riverside/San Bernadino -- sales up 149.6 percent versus February 2008, down 9.2 percent from January

Local median home prices were:

Los Angeles -- $308,540, 35.5 percent less than February 2008, 1.2 percent higher than January

Orange County -- $433,690, 28.9 percent less than February 2008, 2.5 percent higher than January

Riverside/San Bernadino -- $174,400, 39.8 percent less than February 2007, 1 percent lower than January

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Cheers

Marc

[outspoken]

Wow! Now THAT is interesting reading, from Realtors no less!

Question is: Does this make a bottom? and are these now bargains based on yield?

& probably more importantly from a local perspective.....do the current market conditions & the lag effect mean something similar happening here?

We all know exnzpat thinks it will.