July 2010 California Median Home Prices

C.A.R. reports July median price increased 10.4 percent; home sales decreased 20.8 percent.

The year-over-year statewide median home price posted its ninth consecutive gain and seventh consecutive double-digit gain in July. The median price of an existing, single-family detached home in California during July 2010 was $314,850, a 10.4 percent increase from the revised $285,310 median for July 2009, C.A.R. reported. The July 2010 median price was up 0.9 percent compared with June’s $311,950 median price.

For the overall San Francisco Bay Area, the median price was $$$598,640, which is a 1.5% increase from prior month, and 52.2% higher than the same period last year.

Quick Facts:
* Existing, single-family home sales decreased 20.8 percent in July to a seasonally adjusted rate of 440,370 units on an annualized basis compared with July 2009.
* The statewide median price of an existing single-family home increased 10.4 percent in July to $314,850 compared with July 2009.
* C.A.R.’s Unsold Inventory Index rose to 5.8 months in July compared with 4.0 months in July 2009.
* Thirty-year fixed-mortgage interest rates averaged 4.56 percent during July 2010, compared with 5.22 percent in July 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.73 percent in July 2010, compared with 4.82 percent in July 2009.
* The median number of days it took to sell a single-family home was 44.2 days in July 2010, compared with 39.9 days for the same period a year ago.

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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