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 December 08, 2008

Home sales in California Increase
The California Association of Realtors recently reported that home sales within the state of California showed an increase of 117.1% in the month of October over the last year. These high sales are in part due to the falling median price of a home, which fell 39.9% on an annualized basis, 552,750 homes sold in October, and the highest rate since the fourth quarter of 2005. Increased sales were generated from areas with a higher percentage of distressed (foreclosure, short sales).
In the state of California, the median price of a detached, single-family home (not new construction- existing) stood at $311,060 in October. That price reflects a decrease of 39.9% over 2007. The median price in September was $316,960.

Across the state, the cities with the highest median home price are:
- Newport Beach: $1,150,000
- Danville: $883,250
- Mountain View: $860,000
- Santa Barbara: $$835,000

In October, the median price for a home in La Jolla was down from the beginning of '08, but not by much, hovering at around 1.6 million dollars. The average price for a condo in La Jolla was nearly nine hundred thousand dollars, while in October it was much more realistic at just above five hundred thousand dollars.
Read the rest of our La Jolla Housing Market Report.