First Quarter Housing Market Report – Southern CA Edition

Encouraged by record low levels in interest rates and continued decline in home prices, motivated home buyers helped the statewide
sales improve for the fifth consecutive quarter since bottoming out in late 2007 Meanwhile, the median price for California continued to
decline as deeply-discounted distressed sales remained at high levels in many parts of the state.

California Overview
Sales of existing single-family homes surged to 590,390 in the first quarter of 2009, an
Median Price of Existing Detached Homes
increase of 9.7 percent from the fourth quarter of 2008, and a jump of 82.7 percent from
California, 2009 Q3: $256,850, Down 40.1% YTY
the first quarter of last year. The sales level was the highest since the third quarter of 2005
$700,000
when sales reached a near-record of 634,090. The growth in sales was largely attributed
$600,000 to the sharp decline in home prices across the state. The median home price for existing
$500,000
single-family detached homes dropped 40.1 percent from a year ago to $250,640 in the
first quarter of 2009, reaching a level not seen since early 2001. The year-to-year price
$400,000
declines have been in the range of 40 percent for the past three quarters beginning in mid
$300,000
2008 which has been due in large part to the glut of short sales and foreclosures flooding
$200,000 the real estate market over that same time period.
$100,000

$0
Jan-90
Jul-90
Jan-91
Jul-91
Jan-92
Jul-92
Jan-93

Jan-95
Jul-95
Jan-96
Jan-97

Jan-98
Jul-98
Jan-99
Jan-00

Jul-01
Jan-02
Jan-03
Jan-04
Jan-05

Jan-06
Jul-06
Jan-07
Jan-08
Jul-93
Jan-94
Jul-94

Jul-96
Jul-97

Jul-99
Jul-00
Jan-01

Jul-02
Jul-03
Jul-04
Jul-05

Jul-07
Jul-08
Jan-09

SOURCE: California Association of REALTORS®

Southern California First-Quarter Housing Market Report

Sales activity in Southern California followed the sales
trend of the state closely with non seasonally-adjusted Sales of Existing Detached Homes
Southern California, 2009 Q1 Sales: Up 95.8% YTY
first-quarter sales increasing 95.8 percent on a year-to-year
UNITS
basis from the first quarter of 2008. All regions in the area 18,000
experienced an increase in sales of over 50 percent from a 16,000
year ago, with the Riverside/San Bernardino region 14,000

growing the most at 141.7 percent. The median price for 12,000

Southern California decreased 39.0 percent year-to-year to 10,000

$259,000 in the first quarter of 2009, and had been 8,000

declining in the range of 40 percent for three consecutive 6,000

4,000
quarters. Home prices fell in all regions with year-to-year 2,000
declines ranging from a drop of 51.6 percent in the Palm 0
Springs/Lower Desert Region to a drop of 28.3 percent in
Jan-98
Apr-98
Jul-98
Oct-98
Jan-99
Jul-99
Oct-99
Jan-00
Jul-00
Oct-00
Jan-01
Jul-01
Oct-01
Jan-02

Oct-02
Jan-03
Jul-03
Oct-03
Jan-04
Apr-04
Jul-04
Oct-04
Jan-05
Jul-05
Oct-05
Jan-06
Jul-06
Oct-06
Jan-07
Jul-07
Oct-07
Jan-08
Jul-08
Oct-08
Jan-09
Apr-99

Apr-00

Apr-01

Apr-02
Jul-02

Apr-03

Apr-05

Apr-06

Apr-07

Apr-08

the Orange County. SOURCE: California Association of REALTORS®

Deborah Bremner
TheBremnerGroup.com
Coldwell Banker Brentwood West
11999 San Vicente Blvd. Suite 100
Los Angeles, CA 90049