The statewide median price of an existing, single-family detached home rose 3.7 percent from November’s median price of $422,210 to $438,040 in December. December’s price was 19.7 percent higher than the revised $365,840 recorded in December 2012, marking a year and a half of double-digit annual gains and the first time in 15 months that the annual increase was below 20 percent. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.
For the overall San Francisco Bay Area, the median price was $666,890, which is 4.9% lower than prior month's $700,980 ,and 11.5 % higher than the same period last year of $598,100.
Other key facts of C.A.R.’s December 2013 resale housing report include:
• The available supply of existing, single-family detached homes for sale dropped in December to 3 months, down from November’s Unsold Inventory Index of 3.6 months. The index was 2.6 months in December 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 40.2 days in December, up from 36.7 days in November and from 38.1 days in December 2012.
• Mortgage rates rose in December, with the 30-year, fixed-mortgage interest rate averaging 4.46 percent, up from 4.26 percent in November and up from 3.35 percent in December 2012, according to Freddie Mac. Adjustable-mortgage interest rates in December averaged 2.56 percent, down from 2.61 in November but up from 2.54 percent in December 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.
Read more...
A/C and Furnace replament
8 years ago
