March 2011 California Median Home Prices

Favorable market conditions, economic improvement lead to increased home sales, higher median price.

The statewide median price of an existing, single-family detached home sold in California increased 5.4 percent in March compared with February to $286,010, but declined 4.9 percent compared with March 2010’s median price of $300,900.

For the overall San Francisco Bay Area, the median price was $487,060 , which is 9.7% higher from prior month's $444,020, and 2.4% lower than the same period last year.

Here are other highlights of C.A.R.’s resale housing report for March 2011:

# The Unsold Inventory Index for existing, single-family detached homes was 5.3 months in March, down from 7.3 months in February 2011, but up compared with March 2010’s 4.8-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

# Thirty-year fixed-mortgage interest rates averaged 4.84 percent during March 2011, compared with 4.97 percent in March 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.22 percent in March 2011, compared with 4.20 percent in March 2010.

# The median number of days it took to sell a single-family home was 56.7 days in March 2011, compared with 37 days for the same period a year ago.

Clicks 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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Feb 2011 California Median Home Prices

California home sales decline in February as market adjusts to post-foreclosure freeze environment.

The statewide median price of an existing, single-family detached home sold in California was $271,320, down 2.8 percent from a revised $279,140 in January and was down 2.5 percent from the $278,190 median price recorded for February 2010. The February 2011 median price was the lowest since May 2009, when it was $263,440.

For the overall San Francisco Bay Area, the median price was $444,020 , which is a 3.0% decrease from prior month's $457,660, and 8.1% lower than the same period last year's $482,970.

Here are other highlights of C.A.R.’s resale housing report for February 2011:

# The Unsold Inventory Index for existing, single-family detached homes was 7.3 months in February, up from 6.7 months in January 2011. The index was 6.0 months in February 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

# Thirty-year fixed-mortgage interest rates averaged 4.95 percent during February 2011, compared with 4.99 percent in February 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.35 percent in February 2011, compared with 4.23 percent in February 2010.

# The median number of days it took to sell a single-family home was 64.4 days in February 2011, compared with 39.2 days for the same period a year ago.

Clicks 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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Jan 2011 California Median Home Prices

California home sales rose in January, marking three consecutive monthly increases and posting their highest level since May 2010, while the statewide median price declined to its lowest level since June 2009.

The statewide median price of an existing, single-family detached home sold in California was $278,900, down 8.6 percent from a revised $305,020 in December and was down 2.0 percent from the $284,600 median price recorded for January 2010. The January 2011 median price was the lowest since June 2009, when it was $274,640.

Quick Facts :

# The Unsold Inventory Index for existing, single-family detached homes was 6.7 months in January, up from 5.0 months in December 2010. The index was 5.7 months in January 2010. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
# Thirty-year fixed-mortgage interest rates averaged 4.76 percent during January 2011, compared with 5.03 percent in January 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.25 percent in January 2011, compared with 4.33 percent in January 2010.
# The median number of days it took to sell a single-family home was 61.8 days in January 2011, compared with 32.9 days for the same period a year ago.

Clicks here for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

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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Dec 2010 California Median Home Prices

C.A.R. reports California home sales rise in December, posting seven-month sales high. December’s sales were up 5.9 percent from November’s revised pace of 491,590 but were down 6.8 percent from the revised 558,840 sales pace recorded in December 2009.

The median price of an existing, single-family detached home sold in California during Nov was $$301,850 , up 1.7 percent from November’s $296,820 median price and down 1.6 percent from the revised $306,86 median price recorded for the same period a year ago.

For the overall San Francisco Bay Area, the median price was $537,520 , which is a 5.5% decrease from prior month, and 0.3% higher than the same period last year.

Quick Facts
* A greater than usual drop in listings combined with the sales increase caused C.A.R.’s Unsold Inventory Index to decline more than one month. The Unsold Inventory Index for existing, single-family detached homes was 5.0 months in December, down from 6.2 months in November. The index was 3.8 months in December 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

* Thirty-year fixed-mortgage interest rates averaged 4.71 percent during December 2010, compared with 4.93 percent in December 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.31 percent in December 2010, compared with 4.31 percent in December 2009.

* The median number of days it took to sell a single-family home was 57.5 days in December 2010, compared with 35.1 days for the same period a year ago.

Clicks here for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

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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Nov 2010 California Median Home Prices

The median price of an existing, single-family detached home sold in California during Nov was $296,820, down 2.4 percent from October’s $304,220 median price and down 2.5 percent from the revised $304,550 median price recorded for the same period a year ago. It was the first year-over-year price decline in a year.
For the overall San Francisco Bay Area, the median price was $553,620, which is a 5.5% decrease from prior month, and 2.4% lower than the same period last year.

Quick Facts
* C.A.R.’s Unsold Inventory Index for existing, single-family detached homes was 6.2 months in November, down from 6.5 months in October. The index was 4.5 months in November 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
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* Thirty-year fixed-mortgage interest rates averaged 4.3 percent during November 2010, compared with 4.88 percent in November 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.25 percent in November 2010, compared with 4.41 percent in November 2009.
* The median number of days it took to sell a single-family home was 54.7 days in November 2010, compared with 33.1 days for the same period a year ago.

Clicks here for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

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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Oct 2010 California Median Home Prices

The median price of an existing, single-family detached home sold in California during October was $304,220, down 1.8 percent from September’s $309,720 revised median price. October’s median price was up 2.3 percent from the $297,500 median price recorded for the same period a year ago, marking 12 consecutive months of year-over-year price gains.

For the overall San Francisco Bay Area, the median price was $585,830, which is a 4.0% increase from prior month, and 6.3% higher than the same period last year.

Quick Facts:

• C.A.R.’s Unsold Inventory Index for existing, single-family detached homes increased slightly to 6.5 months in October from 6.1 months in September. The index was 4.2 months in October 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

• Thirty-year fixed-mortgage interest rates averaged 4.23 percent during October 2010, compared with 4.95 percent in October 2009, according to Freddie Mac.
Adjustable-mortgage interest rates averaged 3.46 percent in October 2010, compared with 4.55 percent in October 2009.
• The median number of days it took to sell a single-family home was 53.4 days in October 2010 compared with 34.1 days for the same period a year ago.

Clicks here for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

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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Sep 2010 California Median Home Prices

The median price of an existing, single-family detached home sold in California during September was $309,900, down 2.7 percent from August’s $318,660 median price. However, September’s median price was up 4.5 percent from the $296,610 median price recorded for the same period a year ago, marking 11 consecutive months of year-over-year price gains.

For the overall San Francisco Bay Area, the median price was $563,480, which is a 4.8% drop from prior month, and 5.8% higher than the same period last year.
Quick Facts:
• Contrary to the national picture, the housing supply in California has been below normal throughout 2010. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes remained relatively unchanged in September at 6.2 months but was up from the 4.5 months recorded in September 2009. The index was 6.1 months in August. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

• Thirty-year fixed-mortgage interest rates averaged 4.35 percent during September 2010, compared with 5.06 percent in September 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.46 percent in September 2010, compared with 4.59 percent in September 2009.

• The median number of days it took to sell a single-family home was 52.5 days in September 2010 compared with 33.5 days for the same period a year ago.

“The inventory of homes priced under $500,000 continues to be lean, which is driving moderate or significant price appreciation in this price category,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Conversely, the inventory of homes priced $1 million and higher is more than double the inventory of the under-$500,000 range, which is contributing to weaker prices at the high end,” she said.

Clicks here for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

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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