The California Association of Realtors has reported that sales of existing, single family homes increased 83 percent in February compared with the same period a year ago. All C.A.R regions experienced a significant increase in home sales with the exception of the Santa Barbara South Coast, which experienced a drop of 9.4%.
California home prices dropped an average of 40.8 percent in February, bringing the statewide median price of an existing single family home down to $247,590. Average time on the market has decreased as well from 69.3 days to 51.5 days. Monterey has experienced the sharpest decline in median home prices, down to $241,130 in February compared to $619,790 just one year ago.
First time home buyers are taking advantage of low interest rates, the $8,000 tax credit and plunging home prices. Investors are also snatching up the best buys with cash and existing equity.
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