Some California Homes Up 80% In One Year
The California Association of Realtors has a release out today on sales and prices for February. I can save you the trip by telling you both were up. But the real story may be how crazy that market has become.
"Statewide, the 10 cities and communities with the greatest median home price increases in February 2005 compared with the same period a year ago were: Adelanto, 81.8 percent; Rohnert Park, 77 percent; Tehachapi, 70.1 percent; West Sacramento, 69.7 percent; Hesperia, 67.4 percent; Twentynine Palms, 64.2 percent; Union City, 63.8 percent; Menlo Park, 60 percent; Norco, 55.7 percent; San Bernardino, 54.5 percent." Holy housing bubbles Batman!
Not all the numbers are bullish, however. The amount of time a house takes to sell more than doubled from 1.8 months to 3.9 months. And actually such extremes are to be expected in a financial mania with parabolic blow-outs occurring just when you didn't think the market could go any higher.