Nov 2013 California Median Home Prices - $422,210 (California) & $700,980 (Bay Area)

The statewide median price of an existing, single-family detached home slipped 1.2 percent from October’s median price of $427,290 to $422,210 in November. November’s price was 22.2 percent higher than the revised $345,560 recorded in November 2012, marking the 17th straight month of double-digit annual gains.

 For the overall San Francisco Bay Area, the median price was $700,980 which is 3.1% higher than prior month's $679,640 ,and 19.1 % higher than the same period last year of $588,800.

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

• The available supply of existing, single-family detached homes for sale edged up in November to 3.6 months, up from October’s Unsold Inventory Index of 3.4 months. The index was 3 months in November 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 36.7 days in November, up from 33.1 days in October, but was down from 37.5 days in November 2012.

• Mortgage rates rose in November, with the 30-year, fixed-mortgage interest rate averaging 4.26 percent, up from 4.19 percent in October and up from 3.35 percent in November 2012, according to Freddie Mac. Adjustable-mortgage interest rates in November averaged 2.61 percent, down from 2.63 in October and up from 2.57 percent in November 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.