California home prices now 18% off all-time high

The “Looking Glass” ponders economic and real estate trends through two distinct lenses: the optimist’s “glass half-full” and the pessimist’s “glass half-empty.”

Buzz: California home prices are now 18% off their all-time high, but sales activity has risen in three consecutive months.

Source: My trusty spreadsheet reviewed the California Association of Realtors’ February home sales report for existing, single-family homes.

Debate: Is California’s housing market recovering from its bubble bursting?

Glass half-full

Californians bought 284,010 homes in February, up 17.6% vs. January. It was the third monthly gain in sales.

But, there are some caveats:

Sales are off 33% in a year, the 20th-consecutive year-over-year sales decline. And it

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