June 2013 California Median Home Prices - $428510 (California) & $712,030 (Bay Area), Interest Rate going up (4.07%)

The statewide median price of an existing, single-family detached home rose 2.7 percent from May’s revised median price of $417,350 to $428,510 in June. June’s price was up 33.5 percent from a revised $320,990 recorded in June 2012, marking 16 straight months of annual price increases and a full year of double-digit annual gains.

For the overall San Francisco Bay Area, the median price was $712,030, which is 1.1% lower than prior month's $719,610, and 23.3% higher than the same period last year of $577,640.

Other key facts of C.A.R.’s June 2013 resale housing report include:

• The available supply of homes for sale eased slightly in June, but was still down from a year ago. The June Unsold Inventory Index for existing, single-family detached homes was 2.9 months in June, up from 2.6 months in May, but down from 3.5 months in June 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 typical in a normal market.

• Increased market competition has significantly driven down the time on market compared with a year ago. Homes sold in a median of 27.7 days in June after listing on the market, up slightly from 27.1 days in May, but down from 43.5 days in June 2012.

• Mortgage rates increased markedly during June, with the 30-year fixed-mortgage interest rate averaging 4.07 percent, up from 3.54 percent in May 2013, according to Freddie Mac. June marked the first time since October 2011 that the fixed-mortgage interest rate averaged above 4 percent. Adjustable-mortgage interest rates also increased but only slightly, averaging 2.60 percent in June, up from 2.55 percent in May, but down from 2.76 percent in June 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.