The statewide median price of an existing, single-family detached home slipped 1 percent from January’s revised median price of $337,360 to $333,880 in February. February’s price was up 24.2 percent from a revised $268,810 recorded in February 2012, marking a full year of annual price increases and the eighth consecutive month of double-digit annual gains.
For the overall San Francisco Bay Area, the median price was $584,430, which is 6.5% higher than prior month's $548,890,and 33.3% higher than the same period last year of $438,280.
Other key facts of C.A.R.’s February 2013 resale housing report include:
• The available supply of homes for sale was essentially unchanged from January, but was down markedly from a year ago. The February Unsold Inventory Index for existing, single-family detached homes was 3.6 months in February, up from 3.5 months in January, but down from 5.4 months in February 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.
• Increased market competition has significantly driven down the time on market compared to a year ago. Homes sold more quickly in February, with the median number of days it took to sell a single-family home decreasing to 34.2 days in February, down from 36.6 days in January and down from a revised 57.4 days for the same period a year ago.
• Mortgage rates edged up in February, with the 30-year fixed-mortgage interest rate averaging 3.53 percent, up from 3.41 percent in January 2013 but down from 3.89 percent in February 2012, according to Freddie Mac. Adjustable-mortgage interest rates also edged up, averaging 2.61 percent in February, up from 2.58 percent in January but down from 2.78 percent February 2012.
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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