Good news for prices in California for the month of May, as prices rose 20.9 percent from May 2009, as reported recently from Jacob Adelman of the Associated Press. The median price for California in May stood at $278,000.
Adelman reported that as inventories shrink on the lower end of the market, “…transactions in mid-range and high-end neighborhoods claimed a greater share of sales…” Month-over-month, the median price increased 9 percent from April, and the median price is now at its highest level since October 2008.
John Walsh, president of MDA Dataquick said both the tax credit and low interest rates helped to bring higher priced homes into the market. Higher end homes were 21.2 percent of the market in May, as opposed to only 16.5 percent during the previous May.
Home sales for the state totaled 40,965 in May, up 4.9 percent from May 2009 and 9.3 percent from the previous month.
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.
The Daily Transcript reported recently that, “Home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent…”
Breaking down the numbers, “Sales in April 2010 decreased 6.4 percent compard with the previous month.” Adding, “The median price of an existing , single-family detached home in California during April 2010 was $306,230, a 21 percent increase from the revised $253,110 median for April 2009…The April 2010 meidan price increased 1.5 percent compared with March’s $301,790 median price.”
CAR VP Chief Ecomomist Leslie Appleton-Young commented that the demand for distressed properties remained high in April, and that listings for the month increased, a normal occurance as people gear up to sell their homes and move at the beginning of spring.
I’ll do my best to not give you information overload on housing prices for February. Both last week and this week there was a slew of information that came out on prices.
Roger Showley of the San Diego Union-Tribune and Daniel Taub of Bloomberg News both reported that median prices in almost every county in Southern California were up. Showley said San Diego County led the way with a year-over-year increase from $285,000 in Feb. ’09 to $322,000 in Feb. ’10, a 13% increase. San Bernardino County had the only decline in its median price. Prices there declined by 2%. The median price for the region stood at $275,000, a 10% increase.
Year-over-year sales were less stellar. Sales were down in San Diego, San Bernardino and Riverside Counties. San Diego County was down by 0.3%. For the six county region, sales were up 0.8%.
On the state level, the Daily Transcript reported this week on the monthly report released by the California Association of Realtors. Sales in CA decreased by 11.7% compared with Feb. of ’09, but the median price rose by 14.1 percent from Feb. ’09 to Feb. ’10. To access the entire report, click here.
On the national level, Shobhana Chandra of Bloomberg News said home sales fell for a third month in a row, while inventory climbed. Purchases dropped by 0.6%. The median price for resales decreased by 1.8%, from $168,000 to $165,100.
Whew! That’s a lot information to process!