Feb 2010 California Median Home Prices

C.A.R. reports February median price increased 14.1 percent; home sales decreased 11.7 percent.

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.

For the overall San Francisco Bay Area, the median price was $517920, which is a 6.5% increase from prior month, and 29.8% higher than the same period last year.

Quick Facts:

· Existing, single-family home sales decreased 11.7 percent in February to a seasonally adjusted rate of 528,930 units on an annualized basis compared with February 2009.

· The statewide median price of an existing single-family home increased 14.1 percent in February to $279,840, compared with February 2009.

· C.A.R.’s Unsold Inventory Index fell to 6.3 months in February, compared with 7.1 months in
February 2009.

. Thirty-year fixed-mortgage interest rates averaged 4.99 percent during February 2010, compared with 5.13 percent in February 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.23 percent in February 2010, compared with 4.87 percent in February 2009.

. The median number of days it took to sell a single-family home was 41.2 days in February 2010,compared with 51.4 days (revised) for the same period a year ago.

Probably the biggest news in March is that Gov. Schwarzenegger’s signing Homebuyer Tax Credit legislation into law. AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

Because the Federal Tax credit of $8000 is still in effect now, for a limited time, qualified buyers who get into contract before April 30th and close after May 1st might receive double bonus of both the Federal and State tax credit, total up to $18000!

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.

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Jan 2010 California Median Home Prices

C.A.R. reports January median price increased 15 percent; home sales decreased 10.6 percent.

The median price of an existing, single-family detached home in California during January 2010 was $287,440, a 15 percent increase from the revised $249,960 median for January 2009, C.A.R. reported. The January 2010 median price decreased 6.3 percent compared with December’s $306,820 median price.

For the overall San Francisco Bay Area, the median price was $486190, which is a 9.3% decrease from prior month, and 20.7% higher than the same period last year.

Quick Facts:
- Existing, single-family home sales decreased 3 percent in January to a seasonally adjusted rate of 539,040 units on an annualized basis compared with December 2009.

- The median number of days it took to sell a single-family home was 33.8 days in January 2010, compared with 50 days (revised) for the same period a year ago.C.A.R.’s Unsold Inventory Index fell to 5.8 months in January, compared with 7.3 months in January 2009.

- Thirty-year fixed-mortgage interest rates averaged 5.03 percent during January 2010, compared with 5.05 percent in January 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.33 percent in January 2010, compared with 4.92 percent in January 2009.

- C.A.R.’s Unsold Inventory Index fell to 5.8 months in January, compared with 7.3 months in January 2009.
- The median number of days it took to sell a single-family home was 33.8 days in January 2010, compared with 50 days (revised) for the same period a year ago.

“Many sales that closed escrow in January were on homes with offers accepted during the holiday season--a time when many house hunters are first-time buyers,” said C.A.R. President Steve Goddard. “First-time buyers typically purchase homes priced below an area’s median home price. Reflecting this, the percentage of homes priced under $500,000 increased to 77 percent of all sales in January, compared with 75 percent in December.

“Despite the year-to-year decline, sales remained above the 500,000 unit threshold for the 17th consecutive month, holding steady at pre-peak levels from early in the last decade,” said Goddard.

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.


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