Feb 2009 California Median Home Prices

C.A.R. reports February home sales increased 83 percent, median home price declined 40.8 percent.

Quick Facts:
• Existing, single-family home sales increased 83 percent in February to a seasonally adjusted rate of 620,410 on an annualized basis
. The statewide median price of an existing single-family home decreased 40.8 percent
in February to $247,590
. C.A.R.’s Unsold Inventory Index fell to 6.5 months in February, compared with 15.3 months in February 2008
. The median number of days it took to sell a single-family home declined to 51.5 days in February 2009, compared with 69.3 days in February 2008.

. Thirty-year fixed-mortgage interest rates averaged 5.13 percent during February 2009, compared with 5.92 percent in February 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.87 percent in February 2009, compared with 5.03 percent in February 2008.

According to the report announced by California Realtor Association on 3/25, The median price of an existing, single-family detached home in California during February 2009 was $247,590, a 40.8 percent decrease from the revised $418,260 median for February 2008. The February 2009 median price fell 2.3 percent compared with January’s revised $253,330 median price.

For the overall San Francisco Bay Area, the median price was $399044 which is a 0.9% decline from prior month, and 43.5% lower than the same period last year. Clicks links below for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

Data for Alameda county is not available at the release. However, I can get it from our local MLS. If you are interested in finding out the median price and sales data for a particular city, please send me an email to meimei@calMBArealty.com to let me know.