The CALIFORNIA ASSOCIATION OF REALTORS® predicted Wednesday that the median price of a home in the state will fall 6 percent to $358,000 in 2009 as compared to the projected $381,000 median for 2008.
At the same time, the association anticipates that sales of existing single-family homes will rise 12.5 percent to 445,000 units, about the same percentage of increase as the state experienced this year compared to 2007.
"The worst is over, but we're still not out of the woods," said Leslie Appleton-Young, the association's chief economist.
Appleton-Young’s prediction calls for sales of distressed properties to decline in the latter half of 2009, slowing the fall of prices. "I would think by 2010 we would be up by mid-single digit (percentages)," the economist said.
Source: The Associated Press, Alex Veiga (10/15/2008)
This article is from Realtor® Magazine Online Edition Daily Real Estate News for 10/16/08
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