Big numbers are exciting! The California Association of Realtors says the number of homes sold in California went up 83 percent in February year over year— this news hot on the heels of yesterday's Reuters story about the housing crash enabling more renters to join the homeownership club.
Mirroring yesterday's post about home price drops, their figure for February was a 43.5 percent decrease compared to the year before. California's price drops are larger overall than the country's, and the Realtors blame the under-$500K segment for that, due to their "large share of distressed homes for sale." Pssst, Central Valley. We think they're talking about you.