House sales are up in California while prices have declined for the thirteenth consecutive month from the previous year:
Home sales rose in California last month but prices fell sharply as fewer high-end properties sold.
Market researcher DataQuick said Wednesday that more than 34,000 homes and condos were sold in the state in October, up more than 4 percent from the same period last year but down nearly 4 percent from September.
The median sale price was $240,000, down more than 6 percent from October 2010. It was the 13th straight month that prices have declined from year-ago levels.
That’s less than half of what prices were at their peak in 2007. Indeed, they’re lower than they’ve been since 2000. As long as house prices keep declining, don’t expect residential fixed investment to lead an economic recovery.