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California's Falling Home Prices Spark Increased Number of Sales.

By
Real Estate Agent

The California Association of Realtors reported today, that California's free-falling home prices sparked a fourth straight month of year-over-year sales gains during July. 

Jim Wasserman of The Sacramento Bee, has a more detailed report on the numbers of state wide home sales statistics in California, and collective California price reduction data.

The article is linked below:

http://www.sacbee.com/749/story/1184910.html

The month of July also demonstrated dramatically increased number of home sales for Sacramento as well - while prices declined for the same time period.

Posted by

Myrl Jeffcoat ActiveRain Signature
  

Comments (12)

Courtney Cooper
Cooper Jacobs - Seattle, WA
206-850-8841

My brother is buying a house and there is a lot fo competition for him in California!

Aug 25, 2008 04:36 PM
Chris and Maria Jeantet
Shasta Living Real Estate - Redding, CA
Top Realtors in Redding CA

this information is encouraging, we're seeing things stabilizing in our area

Aug 25, 2008 04:40 PM
Gary Bolen
McCall Realty - South Lake Tahoe, CA
CRS - Lake Tahoe Real Estate Information

thanks for the link. if it follows todays national news, its because of reo's... etc.

best

Aug 25, 2008 04:56 PM
Tom Ash
Agentspayingforward.com - Sacramento, CA

I'm seeing a number of clients who have made multiple offers on homes, but have been beaten out by superior offers.  While it does not occur quickly enough, the housing market will ultimately reach equilibrium.  It seems that may be starting to occur.  In many instances, I'm seeing housing payments less than or equal to rental prices: after taxes it's even cheaper.  Putting aside the appreciation of real estate, it's now even more easy to justify buying a home: in many instances it's cheaper than renting!

Aug 25, 2008 04:59 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Courtney - There are certain price ranges, which are red hot here.  They are usually in the entry level range of houses that are in reasonably good shape.  And if they are REO with a lower than usual price, there can be a lot of competition for those.

Chris and Maria - The signs seem to indicate we are heading for a more stabilized market. Let's keep our fingers crossed.

Gary - Yes, the number of REOS that represent the total number of sales entering escrow, is a testiment to bank owned properties being a critical component of what is being experienced in the market today.  The banks have essentially dumped their prices to get inventory off their books.  It also accounts for dramatically reduced prices in some areas.

Tom - Are we ready for equilibrium? - You betcha!  The market of the last number of months has tried the spirits of us all!

Aug 25, 2008 05:09 PM
Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

The winds of change are not far....

Aug 25, 2008 05:10 PM
Matt M-Income Property Investment
Real Estate Marketing Resources - Los Angeles, CA

sounds great let the good times roll!

Aug 25, 2008 05:13 PM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

That is promising news!

Aug 25, 2008 05:24 PM
Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Good news Myrl...As California climbs back out, then soon after it looks like Arizona does; however, we were up 3% in July....Sounds promising. ;-)

Pepper

Aug 25, 2008 05:34 PM
Cameron Novak
The Homefinding Center - 1000 Palms, CA
Real Estate Broker since 2008

Finally someone is noticing that the market is HOT!  Plenty of buyers, and plenty of good deals to be had.... what else do you need?  We're not going to make your living for you and then deposit the commission into your bank account!!! Get up and make it happen!

Cameron

Aug 25, 2008 06:12 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Michael and Matt - I think you are absolutely right!  The winds of change are not far. And I'm certain many of us are more than ready to see good times roll.

Tony and Darcy - Ditto!

Teri - Any increase in sales at all, is promising! 

Cameron - The market here is selectively HOT!  The entry level market with homes that are priced well and are in good repair are very much desired by buyers.  And your right, agents who went into hibernation during this market, need to wake up and get busy!

Aug 26, 2008 01:28 AM
James Wexler
wexzilla.com - Scottsdale, AZ

great news for your area. I expect this is what I call the stabilization of housing.

Aug 26, 2008 03:42 AM