Mortgage : Home Loans : Refinance : Home Equity Loans

By Martin Lukac

Statewide home sales fell 30.1% from July, according to the California Association of Realtors.

"We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4%," said CAR President Vince Malta. "This is another indication that we’re in the initial stages of a long-anticipated adjustment in the market."

"Buyers today have a much greater selection of properties from which to choose, while some sellers are still clinging to price expectations that are no longer valid in today’s market," he explained.

The median home price in California increased by 1.6% to $576,360.

"Although the median price in the state and in several regions hit an all-time record in August, we expect softer prices toward the end of the year," said Leslie Appleton-Young, CAR’s chief economist.

"The median price typically peaks somewhere between June and August before declining toward the end of the year," she explained. "Some areas of the state already have experienced year-to-year declines for more than two months. This is in stark contrast to the past several years when there were constant, double-digit increases."

The National Association of Realtors reported this week that existing home sales fell for the fifth month in a row, edging down 0.5% to a seasonally-adjusted annual rate of 6.3 million units.

===========================================
For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
===========================================

This entry was posted on Sunday, October 1st, 2006 at 4:59 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.