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Home sales decreased 11.7 percent in February in California compared with the same period a year ago, while the median price of an existing home rose 14.1 percent, per the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

“The federal tax credit for home buyers, low mortgage rates, and affordability at record levels have contributed to an unprecedented opportunity for many first-timers in the market for a home of their own,” said C.A.R. President Steve Goddard. “Although sales have declined from the unusually strong levels we experienced a year ago, they’ve remained above the 500,000 unit threshold for 18 consecutive months, while home prices continue to firm in the regions of the state most attractive to buyers taking advantage of today’s favorable market conditions.”

The median price of an existing, single-family detached home in California during February 2010 was $279,840, a 14.1 percent increase from the revised $245,230 median for February 2009, C.A.R. reported. The February 2010 median price decreased 2.4 percent compared with January’s $286,600 median price.

“Sales of distressed properties to investors and first-time buyers continued to drive the market in February, although at a lesser rate than a year ago,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Supply continues to lag demand at the more affordable end of the market, with a 3.9 month supply of homes for sales priced below $300,000, compared with the long-run average of more than seven months. This contrasts sharply with the nearly 15-month supply of homes for sales priced at $1 million or more at the upper end of the market.”

Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for February may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org:/marketdata/historicalprices/2010medianprices/feb2010medianprices/.