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 reported.

There was an estimated 12.7-month supply of for-sale existing homes priced above $1 million in California as of August, up from 11.3 months in August 2009.

That compares with a 6.5-month supply of for-sale homes in the $750,000-$1 million range in August 2010, a 4.6-month supply of homes in the $500,000-$750,000 range, a 3.8-month supply of homes in the $300,000-$500,000 range and a 2.7-month supply of homes priced at $300,000 or below.

A six-month supply is considered a rough equilibrium, with a larger supply indicative of a buyer’s market.

It took a median 47.1 days in August 2010 to sell an existing single-family home, compared with 34.8 days in August 2009.

In separate data collected by CAR and real estate data company DataQuick Information Systems, 176 of 339 (51.2 percent) cities and communities in the state experienced a rise in the median price of new and existing single-family homes and condos year-over-year in August.

The 10 cities with the greatest median home-price increases from August 2009 to August 2010, according to DataQuick and CAR, were: Palm Springs, 60.5 percent; Coronado, 56.6 percent; Rohnert Park, 31.5 percent; Placentia, 26.1 percent; San Bernardino, 25 percent; Santee, 21.9 percent; Norco, 21.3 percent; Lake Forest, 21.3 percent; Auburn, Banning and Lompoc, 20 percent; Pittsburg, 18.8 percent; and Pomona, 18.4 percent.

The 10 cities with the highest median home prices in California in August 2010 were:  Los Altos, $1.8 million; Saratoga, $1.4 million; Coronado and Manhattan Beach, $1.3 million; Palo Alto and Newport Beach, $1.2 million; Calabasas, $1 million; Los Gatos, $962,500; Cupertino, $940,000; and La Canada Flintridge, $935,000.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription