Central Valley Prices Down 3.9% YOY

Per the Central Vally Business Times :


Home sales plummet as prices continue to rise
LOS ANGELES December 22, 2006 6:12am
• Sales off 22 percent


The median price of an existing, single-family detached home in California during November 2006 was $555,290, a 1.4 percent increase over the revised $547,870 median for November 2005, according to CAR’s figures, which are based on its survey of member Realtor associations. CAR’s figures do not include all types of sales and are generally higher than those median prices that do.

But prices are heading down in the Central Valley.

The median price for a home sold in the Central Valley in November was $340,370, the Realtors say. That is down 1.2 percent from October and down 3.9 percent from November 2005.

“Although the statewide median price is on track to post just under a 7 percent increase for the year, there is a mixed picture across the state, with more regions reporting year-to-year declines than increases at this point,” says Leslie Appleton-Young, chief economist got the Realtors association. “We’ve seen three or more months of year-to-year price declines in areas where there was a lot of homebuilding activity and in those areas that are popular for second-home purchases.”