Median price fell 36.5% and sales increased 49.2% compared to the same time a year ago for California statewide. Locally, median price fell 50.6% and sales rose by 47.4% from a year ago. The inventory declined from the prior month for the third straight month as year over year sales remain brisk. If the sales pace continues over the next few months we would expect for prices to stabilize and begin to increase.
"Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 69%, enabling many to take advantage of first-time buyer programs and near record-low interest rates," said C.A.R. Chief Economist Leslie Appleton-Young. "The jumbo loan market, however, continues to be starved for financing, constraining sales for the high-end segment." However, high end sales are moving up here in the desert.
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