noon, May 28
Median home prices up 23 percent compared to 2012
The median price for an existing single-family home in California surpassed $400,000 for the first time in five years last month, the California Association of Realtors is reporting.
In San Diego County, prices are even higher, and rising at a rate reminiscent of the last housing bubble inflating in the late 1990s and early 2000s. Median prices in the county rose to $454,390 in April, up 4.4 percent from the $436,710 median in March and up a whopping 22.8% over last year’s $369,910 median.
Sales volume is up as well, rising 4.5 percent in a month’s span and 9 percent over the last year. While late spring and early summer months have historically marked prime time for the housing market, continued tight supply is putting a damper on sales volume and giving prices an extra boost.
“California’s housing market maintained its momentum in April, getting the spring home-buying season off to a good start,” said Association president Don Faught in a release. “Southern California regions such as Los Angeles, Orange County, and San Diego led the way in both month-to-month and year-over-year sales increases.”
Fewer foreclosures and short sales hitting the market have cut total inventory to a 2.8 month supply – six to seven months’ worth of inventory is considered typical in a stable market, with a supply shortage indicating continuing appreciation. The average marketing time for a home has fallen to just under 28 days, a decrease of nearly three weeks as compared to April 2012.
More like this:
- Real estate prices continue to climb in San Diego — Oct. 19, 2013
- Rising prices drive distress sales from housing market — April 23, 2013
- Low inventory, high demand keep pushing real estate values higher — April 16, 2013
- Home prices up again in September, sales volume slows — Oct. 17, 2012
- March Housing Numbers: Sales Down, Values Up — April 17, 2012