Average Sales Prices Have Dropped

California’s Central Valley real estate market has been affected by the mortgage crisis that has brought
about the large amount of foreclosures and bank owned properties. The hard hit real estate market has
resulted in the downward trend of sales prices.

 

Average homes prices have dropped in San Joaquin County from $396,500 to $245,000, Stanislaus County from $350,000 to $225,000, Merced County from $314,000 to $186,000 and Sacramento from $345,000 to $232,000. The price adjustments vary some from city to city.

Data Quick tables are available listing median homes prices in California cities and counties. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS throughout the state. MLS median price and sales data for condominiums are based on a survey of more than a 60 associations. The median price for detached homes and condominiums represent the closed escrow sales.

 

April 2008 homes sales increased 2.5 percent compared with April 2007, ending a 30 month trend of percentage decreases that began in October 2005. Credit tightening as the result of the increasing defaults and foreclosure has not disappeared. Loan underwriting standards requiring higher standards tend to constrain sales.

 

The increased homes sales gives hope that the real estate market is beginning the path to recovery. Though there is great anticipation the market is beginning the way back, most agree the steps to recovery will be a slow process. 

 

To view the current tables of the Central Valley average homes sale prices go to : http://carolperdew.com/index.php/page/medianhousingapr2008.