California's Median Home Price 28% HIGHER than Last Year!

Desert Luxury Realty

Total Single-family homes sold in California

April 2013 - 423,510 single family units sold

March 2013 – 417,880 single family units sold

April 2012 – 43,770 single family units sold

April 2013 was down 3.7% over last year, perhaps due to the low inventory.

Median Prices for homes sold in California

April 2013 - $402,760

March 2013 - $378,960

April 2012 - $312,500

April 2013 was 28.9% higher than last year AND the first time since 2008 the median home price has popped over the $400k mark. This also marks the 14^th continuous month home prices have gone up and 10^th month of double digit gains. The increase of the median home price in due to the increase of luxury homes sales. “The upsurge in the median price continues to be driven by an increase in sales in the upper- price range, where low inventory is less of an issue,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Over the past year, home sales in the $500,000-and-higher market segment posted a year-over-year gain of 35 percent on average, which contributed to an increase in the statewide median price of nearly 30 percent from the previous year.”

Inventory of Homes in California

Inventory of unsold existing homes was 2.8 month supply, which was down from March and down from 4.2 months last year. A 6 to 7 month supply of homes in California is considered normal. With fewer homes on the market, the homes are selling faster. Almost half the time as last year. April 2013 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted)

April 2013	Median Sold Price of Existing Single-Family Homes					Sales
State/Region/County	Apr-13	Mar-13	Apr-12	MTM% Chg	YTY% Chg	MTM% Chg		YTY% Chg
CA SFH (SAAR)	$402,760	$378,960	$312,500	6.3%	28.9%	1.3%		-3.7%
CA Condo/Townhomes	$319,080	$306,050	$237,320	4.3%	34.5%	2.1%		2.7%
Los Angeles Metropolitan Area	$370,640	$352,510	$289,700	5.1%	27.9%	6.0%		2.2%
Inland Empire	$231,610	$227,920	$181,770	1.6%	27.4%	2.1%		-4.6%
S.F. Bay Area	$685,530	$636,150	$526,370	7.8%	30.2%	13.6%		-1.8%
Southern California
Los Angeles	$361,630	$340,890	$286,800	6.1%	26.1%	9.0%	5.7%
Orange County	$653,740	$619,430	$513,950	5.5%	27.2%	6.8%	9.7%
Riverside County	$274,420	$263,670	$213,950	4.1%	28.3%	1.3%	-4.9%
San Bernardino	$164,470	$161,900	$132,030	1.6%	24.6%	3.4%	-4.1%
San Diego	$454,390	$436,710	$369,910	4.0%	22.8%	4.5%	9.2%
Ventura	$502,940	$475,000	$427,320	5.9%	17.7%	6.5%	0.5%

  Information from a news release from California Association of Realtors®.