Many economists and real estate agents are speculating as to how and when California will bounce back from the drop in home prices seen earlier this year. Statistics have shown that in August the number of homes sold in California fell nearly 11% from July. Also, the median sale price in California has increased again for the fourth time this year at $275,000 in August, up 2.6 percent from July.Of course Santa Barbara homes have a much higher median, but these statistics illustrate an increase in overall home value and demand. Not to worry though! We're still very much in a buyer's market. Number are still low compared to previous years- the median peaked at $505,000 in mid 2007.
Even more notable is DataQuick's report that homes in more costly areas such as Santa Barbara have come down in cost by about half as much as those in newer, more affordable neighborhoods. This is great news for those hoping to buy their first Santa Barbara home!
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