Taking a look at current statistics

From the President

www.ygaor.com

(Updated: Thursday, October 02, 2008, 6:52 PM)

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Home sales increased 56.7 percent in August in California compared with the same period a year ago, while the median price of an existing home fell 40.5 percent, the California Association of Realtors (C.A.R.) reported Sept. 25.

"Sales are now 85 percent above the monthly trough for this cycle, which occurred in October 2007, and for the first time this year are ahead of 2007 in year-to-date terms," said C.A.R. President William E. Brown.

"While this is encouraging news, we don't expect to see a housing market recovery until prices stabilize and the number of distressed properties on the market declines," Brown said. "Sales gains continue to be driven by the large share of deeply discounted distressed sales in many parts of the state."

Closed escrow sales of existing, single-family detached homes in California totaled 490,850 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 56.7 percent from the revised 313,310 sales pace recorded in August 2007. Sales in August 2008 increased 1.8 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during August 2008 was $350,140, a 40.5 percent decrease from the revised $588,670 median for August 2007, C.A.R. reported. The August 2008 median price fell 0.2 percent compared with July's revised $350,890 median price.

"Although the month-to-month decline in the median price was the smallest in a year, it's still premature to say that the median price has begun to stabilize," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "While sales appear to have turned the corner, the median will experience additional downward pressure as we move into the off-peak season in the coming months, and will continue to face pressure from distressed sales," she said. "Sales are just one of the variables that must fall into place before we see real improvement in the market."

10 Cities Highest Median Home Prices

Statewide, the 10 cities with the highest median home prices in California during August 2008 were: Newport Beach, $1,400,000; Los Gatos, $1,225,000; Burlingame, $1,210,000; Manhattan Beach, $1,190,000; Cupertino, $1,153,000; Santa Barbara, $1,000,000; Santa Monica, $985,000; San Carlos $900,000; Danville, $885,000; Mountain View, $885,000; and San Clemente, $784,500.

Local statistics

The information provided regarding local statistics are for homes sales recorded in the Yosemite Gateway Association of Realtors MLS.

Year to date: January through August

Residential units active, 568; residential units sold, 146; average days on market, 184; average sale price, $346,000.

Oakhurst, 32 units, average price, $338,000

Ahwahnee, 2, average price, $343,000

Coarsegold, 26, average price, $290,000

Yosemite Lakes Park, 29, average price, $252,000

Bass Lake, 12, average price, $757,000

North Fork, 12, average price, $340,000

Raymond, 4, average price, $263,000

Mariposa, 25, average price, $340,000