Concerns have arisen in recent months about the possibility of a double-dip in home prices. At present, this appears to be less likely for the California median price than the US
median price. Here’s why…
The CA median fell by nearly 60 percent from peak to trough, hitting bottom over two years ago in February 2009 at $245,230. Although the median fell in February of this year to $271,320, it stood at $293,570 in April, nearly 20 percent above the February 2009 trough. The February 2011 median was probably the low for this year, given the seasonal behavior of home prices and the likelihood that market fundamentals will improve somewhat as the general economy continues its slow recovery.
