California home sales edged up 1.8 percent from July, but were down 14.9 percent from August 2009. The statewide median home price also increased 1.2 percent from July and was up 8.6 percent from a year ago.
The statewide median home price posted its 10th consecutive year-over-year gain in August. The median price of an existing, single-family detached home sold in California during August 2010 was $318,660, an 8.6 percent increase from the revised $293,400 median price recorded in August 2009, C.A.R. reported. The August 2010 median price was up 1.2 percent compared with July’s $314,850 median price.
For the overall San Francisco Bay Area, the median price was $$591,990, which is a 2.6% drop from prior month, and 11.4% higher than the same period last year.
Quick Facts:
* C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2010 rose to 6.1 months compared with 4.6 months in August 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
* Thirty-year fixed-mortgage interest rates averaged 4.43 percent during August 2010 compared with 5.19 percent in August 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.53 percent in August 2010 compared with 4.72 percent in August 2009.
* The median number of days it took to sell a single-family home was 47.1 days in August 2010 compared with 34.8 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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