The October statewide median price of an existing, single-family detached home sold in California was $278,060, down 3.3 percent from $287,440 in September and down 8.9 percent from the $305,150 median price recorded for October 2010.
For the overall San Francisco Bay Area, the median price was$464,100, which is 3.72% lower than prior month's $482,010, and 14.4% lower than the same period last year of $542,260.
Other key facts of C.A.R.’s resale housing report for October 2011 include:
* The Unsold Inventory Index for existing, single-family detached homes was 5.3 months in October, up from 5.1 months in September but down from a revised 6.2-month supply in October 2010. 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 4.07 percent during October 2011, down from 4.23 percent in October 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.92 percent in October 2011, compared with 3.36 percent in October 2010.
*The median number of days it took to sell a single-family home was 55.2 days in October 2011, compared with 51.5 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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