62° M/CLOUDY, March home sales hit 13-year low
Last Modified: Wednesday, April 16, 2008 at 11:12 a.m.
The price for a typical house in Sonoma County fell to a five-year low in March as the spring homebuying season got under way, according to the latest Press Democrat housing report.
Despite a seasonal uptick, sales of existing homes in March were down 30.4 percent from a year ago. The 256 sales in March were the lowest for the month since 1995 and well below the historic average.
Increasingly, sales are concentrated at prices under a half-million dollars. The median price fell to $440,000 in March, down 22.1 percent from a year ago.
Inventory levels remain high. There were 2,235 homes on the market at the end of March, up 18.5 percent from a year ago. At the current pace of sales, it would take 8.7 months to absorb all the homes currently listed for sale.
Foreclosure sales are drawing in more buyers. While that helps keep the supply of distressed properties in check, bank-owned homes put pressure on other sellers to cut prices.
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