CA: Slowdown Viewed as Good
A recent housing report from the California Association brought some good news to area realtors. For the first time in five years, home prices increased only 8 percent statewide from May 2005 to May 2006. The home price increase is being viewed as a lot more reasonable and sustainable then the double-digit growth rate California has seen in the past.
The California median price for existing single-family homes was $564,430, an all-time high that was 0.5 percent over the April 2006 revised median of $561,750. In fact, several regions in the state actually declined in price from a year ago. Santa Barbara County was off by 9.3 percent, Palm Springs and the Lower Desert slipped by 3.5 percent, and Santa Cruz County was down 0.3 percent. Source: DailyBulletin.com