C.a.r. Reports Sales Decrease 28.7 Percent In October, Median Price Of A Home In California At $548,680, Up 2 Percent From Year Ago

Housing profits are becoming elusive in California. Or so says the translation of some fresh California Realtor math.

"The median price of an existing, single-family detached home in California during October 2006 was $548,680, a 2 percent increase over the revised $537,930 median for October 2005, C.A.R. reported. The October 2006 median price decreased 1.5 percent compared with September’s revised $556,920 median price." Click here to view third-quarter median sale price info from NAR for existing homes.

See the chart above? That's a monthly watch of the share of major California communities where home-price appreciation, measured on a year-over-year basis, has evaporated. In October, 47.6 percent of these major communities tracked had flat or falling median sales prices on an annualized basis. A year ago, it was just 3 percent.

It's just extra evidence of how widespread the cooling of the housing market has become. To read the latest Realtor price report, CLICK HERE.

Dallas Fed Economic Letter: Making Sense of the U.S. Housing Slowdown

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