The statewide median price of an existing, single-family detached home dipped 0.6 percent to $266,660 in February from January’s $268,280 median price. The median price was down 1.7 percent from the revised $271,370 median price recorded in February 2011.
For the overall San Francisco Bay Area, the median price was $438,280, which is 5.6% higher than prior month's $415,120,and 1.3% lower than the same period last year of $443,880.
Other key facts of C.A.R.’s February 2012 resale housing report include:
• California’s housing inventory declined in February, with the Unsold Inventory Index for existing, single-family detached homes decreasing to 5.3 months in February, down from a revised 5.7 months in January and down from the 7.5-month supply in February 2011. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
• Interest rates fell to record lows again in February. Thirty-year fixed-mortgage interest rates averaged 3.89 percent during February 2012, down from 4.95 percent in February 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.78 percent in February 2012, compared with 3.35 percent in February 2011.
• The median number of days it took to sell a single-family home fell to 58.9 days in February 2012 and was down from a revised 64.7 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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