Market Snapshot – Inventory Remains Tight and Median Sales Price Continues to Rise

While the shortage of available homes for sale in California continued in September, the median price reached its highest level in more than four years according to the California Association of Realtors (C.A.R.).

In September, the median price of an existing, single-family detached home in California was $345,000, up 0.3 percent from August’s $343,820.  That’s a whopping 19.5 percent from $288,700 in September 2011, marking the seventh consecutive month of both month-to-month and year-to-year price increases. Additionally, September’s median price was the highest its been since August 2008, when the median price was $352,730. The year-to-year increase was the largest since May 2010.

California Median Home Price Data for September 2012

All California: $345,000
Highest median home price by region/county: Marin, $769,230
Lowest median home price by region/county: Tehama, $127,500
     - - - - - - - - - - - - - 
L.A. Countywide median price for Single Family Homes: $373,020
L.A. County Month-to-Month Change: +8.2%
L.A. Country Year-to-Year Change: +12.8%
     - - - - - - - - - - - - - 
L.A. Metro median price for Single Family Homes: $318,470
L.A. Metro Month-to-Month Change: +1.1%<
L.A. Metro Year-to-Year Change: +16.4%
Source: C.A.R.

Mortgage Rates - Week Ending 10/4/2012

30-yr. fixed: 3.30% fees/points: 0.7%
15-yr. fixed: 2.70 fees/points: 0.6% 1-yr.
5/1-Yr ARM: 2.73% Fees/points: 0.6%  Margin: 2.74
1-Yr ARM: 2.59%  Fees/Points: 0.4%  Margin: 2.77
Source: Freddie Mac

david kubiczkyComment