Calabasas Home Prices Up 19%

California home prices are down year-to-date, but Calabasas is bucking the trend showing an increase in home sales prices of 19.3% from a year ago.

Statewide, home sales increased 2.1% in September compared with last year, but the average sales price of an existing home declined 7.3%, the California Association of Realtors reports.

“The market’s momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers,” said the association’s president James Liptak. “The success of the federal tax credit is clear. Nearly 70 percent of first-time home buyers report that the tax credit was ‘the most important’ or a ‘very important’ factor in their decision to buy a home.

The median price for a Calabasas home during this month was $1,073,500 — which placed it among the top ten highest statewide.