Real Estate - September 2008 Ca Sales Activity Report

· Real Estate Home Sales continue to rise year-over-year, with sales in September 2008 increasing 96.7 percent in California, compared with the same period a year ago. Sales soared above the 500,000 unit threshold for the first time in more than two years.

· Month-to-month sales also continue to increase. Home Sales in September 2008 increased 2.3 percent compared with the previous month.

HOME PRICES:

· The statewide median price of an existing, single-family detached home in California was $316,480, a 40.9 percent decline from the revised $535,760 median for September 2007.

· The September 2008 median price fell 9.6 percent compared with August's revised $350,140 median price.

· One reason for the large year-to-year declines in the median price is the dramatic change in the mix of sales since the onset of the credit/liquidity crunch. A year ago, the under $500,000 price range accounted for 46 percent of sales, the middle segment ($500,000 to $1 million) made up 40 percent, and the greater than $1 million segment captured 14 percent of the market. As of September 2008, the mix had shifted to 76 percent, 18 percent, and 6 percent, respectively.

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