July 2012 California Median Home Prices

July marked the fifth consecutive month that California’s median home price was up from both the previous month and year Tweet this. The statewide median price of an existing, single-family detached home was $333,860 in July, up 4.2 percent from $320,540 in June and up 12.7 percent from a revised $296,160 in July 2011.

The July 2012 median price was the highest since August 2008, when the median price reached $352,730. July also marked the fourth straight month that the median price has posted above the $300,000 level.

For the overall San Francisco Bay Area, the median price was $579,540, which is 0.3% higher than prior month's $577,640 ,and 17.2% higher than the same period last year of $494,640.

Other key points of C.A.R.’s July 2012 resale housing report include:

* Closed escrow sales of existing, single-family detached homes reached a seasonally adjusted, annualized rate of 529,230 in July Tweet this, up 2 percent from June’s revised 518,680 rate.

*California’s housing inventory was essentially flat in July, with the Unsold Inventory Index for existing, single-family detached homes at 3.4 months in July Tweet this compared with 3.5 months in June. However, July’s housing inventory index was down from a revised 5.6-month supply in July 2011.

*Interest rates continued to remain at historically low levels in July, with 30-year fixed-mortgage interest rates averaging 3.55 percent, down from 3.68 percent in June and 4.55 percent in July 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.69 percent in July, down from 2.76 percent in June and down from 2.97 percent in June 2011.

The median number of days it took to sell a single-family home edged down from 43.4 days in June to 43.2 days in July Tweet this. It took a median of 51.9 days for a home to sell in July 2011.

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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