BrokerageIndustry News

California median price rebounds 30%

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The median price of resale homes in California has risen almost 30 percent since February 2009, after falling 58.8 percent from its record high in 2007, the California Association of Realtors reported today. The median price of existing, single-family homes in California rose 8.6 percent in August compared to the same month last year, and up 1.2 percent compared to July 2010, to $318,660, and was up 29.9 percent from a cyclical low point at $245,230 in February 2009. The median price had reached $594,530 in May 2007, the association reported. Single-family existing-home sales fell 14.9 percent year-over-year in August, and dropped 1.8 percent compared to July 2010, to a seasonally adjusted annual rate of 447,530. This rate is a projection of a monthly sales total over a one-year period, adjusted to accounted for seasonal fluctuations in sales activity. There is far less demand for homes in the higher price ranges than homes near or below the state's median price, CAR also ...