May 26, 2009 Elad Bushari

Single-family home sales fell to their lowest level for the month of April since 1990. Statewide home sales retreated 14.5 percent to 2,731 from 3,196 in April 2008.Year-to-date sales dropped 12 percent to 8,898 from 10,108.

The median price for homes sold in April tumbled 13.1 percent to $265,000 from $305,000 last year. Median home prices have been falling by double-digit percentages for eight consecutive months, but April delivered the smallest price decline in that eight-month period. Meanwhile, the median price for homes sold from January through April fell 17 percent to $257,450 from $310,000 a year ago.

April was also a sluggish month for condo sales. Condo sales plunged 31.1 percent to 1,178 from 1,711 last April. It was the slowest condo sales pace for the month of April since 1995. Year-to-date condo sale transactions totaled 3,980, a 28.2 percent drop from 5,543 a year earlier.

The median price for condos sold in April dropped 11.1 percent to $239,900 from $270,000 a year ago. April’s year-over-year price decline was the smallest in six months. Year-to-date median condo prices are down 14.4 percent to $226,750 from $265,000.

Elad Bushari

Elad Bushari is the Broker / Owner of Bushari Group Real Estate and a National "30 Under 30" Honoree by REALTOR Magazine in 2009.

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