The California median home price fell by nearly 60% from peak to trough, hitting bottom more than two years ago in February 2009 at $245,230. Although the median declined in February of this year to $271,320, it stood at $293,570 in April, nearly 20 percent higher than the February 2009 trough. The February 2011 median was likely the low for this year, given the seasonal behavior of home prices and the likelihood that market fundamentals will improve somewhat as the general economy continues its slow recovery.
In Santa Cruz County, the median price hit bottom in March 2009 at $404,500 falling 49.4% from the peak in July of 2007 of $799,000. Currently the market for single family homes in the area has declined 7% thru the end of April as compared with 2010.
By comparison, the U.S. median home price fell 32% from peak to trough – about half of the decline experienced by the California market. However, prices nationally only hit bottom this past February at $156,900. The national median rose to $163,200 in April, and should climb as the market moves through the peak season, but it remains precariously close to this February’s trough.
Some stats provided by the California Association of Realtors (C.A.R.) a trade association representing more than 175,000 REALTORS® statewide.