June 2011 California Median Home Prices

California home sales edged up in June, and the median price rose to its highest level since December 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.

Closed escrow sales of existing, single-family detached homes in California rose 1.2 percent to a seasonally adjusted 477,710 units in June (up 1.2% from 471,840 units in May), according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. June home sales were down 3.6 percent from the 495,780 units sold in June 2010.

The statewide median price of an existing, single-family detached home sold in California rose 1.0 percent in June to $295,300 from a revised $292,420 in May. June’s median price was down 5.9 percent from the $313,890 recorded in June 2010.

For the overall San Francisco Bay Area, the median price was $539,880 , which is 5.4% higher from prior month's $512,420, and 2.4% lower than the same period last year of $553,360.

Other highlights of C.A.R.’s resale housing report for June 2011 include:

* The Unsold Inventory Index for existing, single-family detached homes was 5.0 months in June, down from 5.5 months in May, but up compared with June 2010’s 4.6-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 4.51 percent during June 2011, down from 4.74 percent in June 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.0 percent in June 2011, compared with 3.86 percent in June 2010.

* The median number of days it took to sell a single-family home was 50.3 days in June 2011, compared with 41.5 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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