The statewide median price of an existing, single-family detached home inched up 0.3 percent from August’s $343,820 median price to $345,000 in September. The September figure was up 19.5 percent from a revised $288,700 recorded in September 2011, marking the seventh consecutive month of both month-to-month and year-to-year price increases. September’s median price was the highest since August 2008, when the median price was $352,730. The year-to-year increase was the largest since May 2010.
For the overall San Francisco Bay Area, the median price was $554,450, which is ２.４% lower than prior month's $567,900 ,and 15% higher than the same period last year of $482000.
Other key facts of C.A.R.’s September 2012 resale housing report include:
* California’s housing inventory eased slightly in September, with the Unsold Inventory Index for existing, single-family detached homes edging up to 3.7 months, up from a revised 3.2 months in August and 5.3 months in September 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.
* Interest rates dipped in September after rising slightly in August. Thirty-year fixed-mortgage interest rates averaged 3.47 percent during September 2012, down from 3.60 percent in August, and down from 4.11 percent in September 2011, according to Freddie Mac. Adjustable-mortgage interest rates also edged down in September, averaging 2.60 percent, down from 2.67 percent in August and down from 2.84 percent in September 2011.
* Homes sold faster in September, with the median number of days it took to sell a single-family home falling to 39.3 days in September 2012 from 41.1 days in August and down from a revised 54.2 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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