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Finally: Signs of Life in California Real Estate

By Len Christie, CNNMoney.com

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April 13, 2009 - There’s a lot of activity on the coast and that may indicate a reawakening of the housing market in California – and across the country.

No state has been harder hit by the housing bust than California.

It has piled up more foreclosures and has endured among the worst home-price declines. The median price of a single-family home sold in February was $247,590, down 41% from 12 months earlier, according to the California Association of Realtors (CAR).

And home construction in the Golden State has nearly vanished: December housing permits shrank to about a quarter of what they were during the boom years, according to the National Association of Homebuilders.

But there are signs that California's housing market may be coming out of this tailspin: Sales volume is increasing, investors are returning, and inventory is shrinking.

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What specific signs of a real-estate market awakening, if any, are you seeing in your neighborhood?

Print Date: 2/28/2020
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