The C.A.R. on the August, 2006 Results
So sayeth the C.A.R.:
Home sales decreased 30.1 percent in August in California compared with the same period a year ago, while the median price of an existing home increased 1.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.Anticipated by who exactly? Not the C.A.R. At least not publicly. And what do you mean exactly by "initial stages"? This "adjustment" will last years.
“We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4 percent,” said C.A.R. President Vince Malta. “This is another indication that we’re in the initial stages of a long-anticipated adjustment in the market.
“Buyers today have a much greater selection of properties from which to choose, while some sellers are still clinging to price expectations that are no longer valid in today’s market,” he said.Sounds familiar.
“Although the median price in the state and in several regions hit an all-time record in August, we expect softer prices toward the end of the year,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The median price typically peaks somewhere between June and August before declining toward the end of the year. Some areas of the state already have experienced year-to-year declines for more than two months. This is in stark contrast to the past several years when there were constant double-digit increases. The long-term trend remains to be seen.”Sounds familiar. Below is their charted data: