March 2009 California Median Home Prices

C.A.R. reports March home sales increased 63.8 percent, median home price declined 39 percent.
Quick Facts:
• Existing, single-family home sales increased 63.8 percent in March to a seasonally adjusted rate of 522,980 on an annualized basis.

• The statewide median price of an existing single-family home increased 2.2 percent in March to $253,040 compared with February 2009

• C.A.R.’s Unsold Inventory Index fell to 5 months in March, compared with 12.2 months in March 2008

• The median number of days it took to sell a single-family home declined to 48.3 days in March 2009, compared with 56.8 days in March 2008.
. Thirty-year fixed-mortgage interest rates averaged 5 percent during March 2009, compared with 5.97 percent in March 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.86 percent in March 2009, compared with 5.12 percent in March 2008.

. The median number of days it took to sell a single-family home was 48.3 days in March 2009, compared with 56.8 days (revised) for the same period a year ago.
According to the report announced by California Realtor Association on 4/27, the median price of an existing, single-family detached home in California during March 2009 was $253,040, a 39 percent decrease from the revised $414,520 median for March 2008. The March 2009 median price rose 2.2 percent compared with February’s $247,590 median price. For the overall San Francisco Bay Area, the median price was $403,780 which is a 1.2% increase from prior month, and 42.7 % 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.


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C.A.R. launches Mortgage Protection Program for First Time Home Buyers

First-time home buyers may be eligible to receive $1,500 for six months to help make mortgage payments if they are laid off.

To help provide first-time home buyers with peace of mind when purchasing a home, the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Housing Affordability Fund is offering a new mortgage protection program to first-time home buyers.

Through the C.A.R. Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

For more information including eligibility requirements and information on applying for the C.A.R.H.A.F. Mortgage Protection Program, please click here.

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