California home sales are up 27 percent

Willowood Townhomes in Salinas, California. Wi...Image via Wikipedia

In Southern California, home sales are up 27 percent. But the median sale price is down, having fallen below the $300,000 mark for the first time since 2003, the Los Angeles Times reports.

And as prices fall, affordability appears to be making a modest comeback.

During the height of the real estate boom, only 2 percent of those living in the Los Angeles area could afford the median home price. Now that number has risen to 20 percent, the article in the Times notes.....[more]

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Comments

Tosh said…
Sure sales might be up 27% but California should be the first to reflect this, based on foreclosures, and the effect of instant sales. What I mean is, with non recourse legislation in this state the banks would immediately go to sell the property, other states may take months and be behind Cal. in showing an increase in sales.
December 30, 2008 at 5:45 PM
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