Year-over-year sales up in August, but prices keep falling

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Statewide home sales in August were up 57% from a year ago, the first year-over-year gain in the current real estate downturn, the California Assocation of Realtors reports today. Hefty price cuts continue to fuel sales -- August prices were down 41% from August, 2007.

The median August sales price was $350,140, down from $588,670 a year ago. CAR chief economist Leslie Appleton-Young said it’s too early to call a bottom for prices, which will ‘experience additional downward pressure as we move into the off-peak season in the coming months, and will continue to face pressure from distressed sales,’ she said.

In other words, we are heading into the slow winter season for home sales, and foreclosures keep mounting.