The statewide median price of an existing, single-family detached home fell 8.1 percent from December’s $366,930 median price to $337,040 in January. January’s price was up 24.1 percent from a revised $271,490 recorded in January 2012, marking the 11th consecutive month of annual price increases and the seventh consecutive month of double-digit annual gains.
For the overall San Francisco Bay Area, the median price was $548890, which is 8.2% lower than prior month's $598100,and 32.2% higher than the same period last year of $$415,120.
Other key facts of C.A.R.’s January 2013 resale housing report include:
• The available supply of homes for sale loosened in January, primarily as a result of fewer home sales. The January Unsold Inventory Index for existing, single-family detached homes rose to 3.5 months in January, up from 2.6 months in December, but down from a revised 5.8 months in January 2012. 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.
• Mortgage rates edged up in January, with the 30-year fixed-mortgage interest rate averaging 3.41 percent, up from 3.35 percent in December 2012 but down from 3.92 percent in January 2012, according to Freddie Mac. Adjustable-mortgage interest rates also edged up, averaging 2.58 percent in January, up from 2.54 percent in December but down from 2.76 percent January 2012.
• Homes moved off the market faster in January, with the median number of days it took to sell a single-family home decreasing to 36.6 days in January, down from 38.1 days in December and down from 59.6 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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