Oct 2013 California Median Home Prices - $427,290 (California) & $679,640 (Bay Area)

The statewide median price of an existing, single-family detached home edged down 0.3 percent from September’s median price of $428,740 to $427,290 in October. October’s price was 25.3 percent higher than the revised $340,910 recorded in October 2012, marking the 16th straight month of double-digit annual gains.

For the overall San Francisco Bay Area, the median price was $679,640, which is 1.1% lower than prior month's $687,260 ,and 14.6% higher than the same period last year of $593,080.

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

• The available supply of existing, single-family detached homes for sale dipped in October to 3.4 months, down from September’s Unsold Inventory Index of 3.6 months. The index was 3.1 months in October 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 typical in a normal market.

• The median number of days it took to sell a single-family home also increased to 33.1 days in October from 29.6 days in September, but was down from 38 days in October 2012.

• Mortgage rates declined in October, with the 30-year, fixed-mortgage interest rate averaging 4.19 percent, down from 4.49 percent in September but up from 3.38 percent in October 2012, according to Freddie Mac. Adjustable-mortgage interest rates in October averaged 2.63 percent, down from 2.67 in September but up from 2.59 percent in October 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.