California home sales, median price decline in February

Following three consecutive months of sales gains, California home sales declined 9 percent in February to 497,660 units, compared with the previous month, on a seasonally adjusted annualized rate, according to C.A.R.’s February sales and price report. In year-over-year comparisons, home sales in the state declined 4 percent.

“The market pulled back in February, following three months of sales gains, when the ramifications of the robo-signing delays from last fall pushed sales into the period from November of last year to January,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “February’s sales drop indicates the effects of the foreclosure freeze are diminishing, and the market is returning to a more moderate sales pace.”

The statewide median price of an existing, single-family detached home sold in California declined 2.8 percent in February to $271,320, from a revised $279,140 in January, and 2.5 percent from the $278,190 median price recorded for February 2010.

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