The report released on Thursday by MDA Data Quick shows that February California home sales edge by a big 42.5 percent in year-over-year levels through the help of foreclosed properties sold.
Home buyers and investors were in full force last month to purchase foreclosed properties that resulted in 58.4 percent of the total existing home sales were foreclosures. That foreclosure sales contribution was higher compared to February 2010 with 33.3 percent, and 5 percent above January.
At the end of February, California sales logged a total of 29,225 single-family homes and condominiums, down almost a percent from January. Median home prices still continue to fall in yearly comparison at 39.9 percent, and no changes have seen when compared to January at $373,000.
Sales in the San Francisco Bay area and Southern California respectively rose by 26.1 and 41.3 percent from the year earlier, and median home price declined by 46.2 percent and 38.7 percent.