May California resales, median prices increase

The Daily Transcript recently reported the May resale numbers for California, and it was good news.   Per their report, “Home sales increased 1.2 percent in May in California compared with the same period a year ago, with the median price of an existing home rose 23.2 percent, (per the California Association of Realtors (C.A.R.))…”

C.A.R. president  Steve Goddard said that May “…marked the fifth month of double-digit gains in the median price…”.  Supply stood at 4.6 months, well below the average of seven months.  The median price for a single-family detached home in May was $324,430, 23 percent higher than the May 2009 median price of $263,440.  The May median price rose 5.9 percent from April, where it stood at $306,230.  California sales were up 1.2 percent over May 2009. 

The Transcript also reported that escrows opened in May declined 16.9 percent, most likely because of the end of the federal homebuyer tax credit. 

The city with the highest median price was Manhattan Beach, which came in at $1.5 million.  The Inland Empire (which includes Riverside and San Bernardino Counties)  remained one of the most affordable areas.  The median price came in at $194,960.

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