The statewide median price of an existing, single-family detached home sold in California dipped 0.3 percent in July 2011 to $294,230 from a revised $295,210 in June. July’s median price was down 7.6 percent from the $318,550 recorded in July 2010.
For the overall San Francisco Bay Area, the median price was $$495,250 , which is 8.3% lower from prior month's $539,880 and 13.1% lower than the same period last year of $570,030 .
Other highlights of C.A.R.’s resale housing report for July 2011 include:
*The Unsold Inventory Index for existing, single-family detached homes was 5.5 months in July, up from 5.0 months in June, but essentially unchanged from July 2010’s 5.6-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 4.55 percent during July 2011, virtually unchanged from 4.56 percent in July 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.97 percent in July 2011, compared with 3.73 percent in July 2010.
*The median number of days it took to sell a single-family home was 52.1 days in July 2011, compared with 42.4 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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