Home Sales Rise in California

Taken from the Contra Costa Times

The California Association of Realtors reported on Monday that the state's housing market remained strong in January, despite signs of a slowing national economy.

The trade association said 508,060 resale homes were sold last month, up 6.6 percent from a year ago. The median value of a California home in January was $246,380, 8.6 percent higher than January of 2000. The January median price decreased 1.1 percent from December.

In terms of price appreciation, Northern California outpaced Southern California, with the Bay Area posting a median value of $472,280 last month. This is 21 percent higher than the same period last year.

East Bay industry experts say these are subtle signs the Bay Area's housing market is slowing down a bit, which could be reflected in future months' statistics. Chuck Lamb, chief executive officer of the Contra Costa Association of Realtors, said some properties are drawing fewer multiple bidders, and in some cases, sellers are discontinuing listings.

This doesn't mean, though, prices are coming down. "It's still a healthy market," said Lamb. "Prices just aren't escalating at the level they once were."

The median value of new and existing condominiums and single-family homes sold in Alameda County in January was $345,000, an increase of 23.2 percent over the same month last year. The median value in Contra Costa was $275,000, an increase of 18.5 percent.