May 2011 California Median Home Prices

A weak economy and tightened financing conditions contributed to a slowdown in California home sales and median price during May.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 471,840 units in May, May home sales were down 5.8 percent from April and down 14.4 percent from the previous year.

The statewide median price of an existing, single-family detached home sold in California edged down 0.7 percent in May to $291,760 from a revised $293,800 in April. May’s median price was down 10.9 percent from the $327,460 recorded in May 2010.

For the overall San Francisco Bay Area, the median price was $512,420 , which is 4.4% higher from prior month's $490,670, and 8.0% lower than the same period last year of $556,880.

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

- The Unsold Inventory Index for existing, single-family detached homes was 5.4 months in May, unchanged from April, but up compared with May 2010’s 4.5-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 4.64 percent during May 2011, down from 4.89 percent in May 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.13 percent in May 2011, compared with 4.01 percent in May 2010.

-The median number of days it took to sell a single-family home was 51.8 days in May 2011, compared with 37.8 days for the same period a year ago.

Click 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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April 2011 California Median Home Prices

California home sales decline in April; median home price increases .

The statewide median price of an existing, single-family detached home sold in California rose 2.5 percent in April to $293,570, up from a revised $286,510 in March. April’s median price was down 4.4 percent from the $307,000 recorded in April 2010.

For the overall San Francisco Bay Area, the median price was $490,670 , which is 0.8% higher from prior month's $486,790, and 8.8% lower than the same period last year of $538,270.

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

* The Unsold Inventory Index for existing, single-family detached homes was 5.4 months in April, down from 5.3 months in March, but up compared with April 2010’s 4.9-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 April 2011, down from 5.10 percent in April 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.20 percent in April 2011, compared with 4.16 percent in April 2010.

*The median number of days it took to sell a single-family home was 53 days in April 2011, compared with 37.4 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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