March 2011 California Median Home Prices

Favorable market conditions, economic improvement lead to increased home sales, higher median price.

The statewide median price of an existing, single-family detached home sold in California increased 5.4 percent in March compared with February to $286,010, but declined 4.9 percent compared with March 2010’s median price of $300,900.

For the overall San Francisco Bay Area, the median price was $487,060 , which is 9.7% higher from prior month's $444,020, and 2.4% lower than the same period last year.

Here are other highlights of C.A.R.’s resale housing report for March 2011:

# The Unsold Inventory Index for existing, single-family detached homes was 5.3 months in March, down from 7.3 months in February 2011, but up compared with March 2010’s 4.8-month supply. 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 4.84 percent during March 2011, compared with 4.97 percent in March 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.22 percent in March 2011, compared with 4.20 percent in March 2010.

# The median number of days it took to sell a single-family home was 56.7 days in March 2011, compared with 37 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.

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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