July 2009 California Median Home Prices

C.A.R. reports July home sales increased 12 percent, median home price declined 19.6 percent.

The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008, C.A.R. reported. The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.

For the overall San Francisco Bay Area, the median price was $545,810 which is a 6.1% increase from prior month, and 17.7% lower than the same period last year

Quick Facts:

· Existing, single-family home sales increased 12 percent in July to a seasonally adjusted rate of 553,910 on an annualized basis.
· The statewide median price of an existing single-family home increased 3.9 percent in July to
$285,480, compared with June 2009.
· C.A.R.’s Unsold Inventory Index fell to 3.9 months in July, compared with 6.9 months in July 2008.
. Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.

Clicks here for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

If you are interested in finding out the median price and sales data for a particular neighborhood or city, please send me an email to meimei@calMBArealty.com to let me know.