How does the median home price in California compare to other parts of the country?
According to USA Today, the national median price for an existing- home was up 15.4% to $208,000. Fewer homes on many of the markets have been driving up prices throughout the United States.
The statewide median home price in California was $417,350 in May, 2013 – UP 31.9% since May of last year. “While home prices are increasing at levels above those observed in 2006-2007, the fundamentals of the housing market are much more solid than what we experienced a few years ago,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “More home buyers are putting down larger down payments, and many of them are opting for more stable loan products. Additionally, historically low mortgage rates have reduced monthly mortgage payments substantially, making owning a house more affordable, even with rising home prices.”
California has six out of the seven metros that have seen the largest increases in median asking prices in the past year:
Sacramento, Calif.
- Median list price: $279,900
- Year-over-year increase: 40.30%
Santa Barbara-Santa Maria-Lompoc, Calif.
- Median list price: $689,950
- Year-over-year increase: 38.01%
Oakland, Calif.
- Median list price: $419,000
- Year-over-year increase: 30.93%
San Jose, Calif.
- Median list price: $607,000
- Year-over-year increase: 29.45%
San Francisco
- Median list price: $769,000
- Year-over-year increase: 25.71%
Phoenix-Mesa, Ariz.
- Median list price: $218,000
- Year-over-year increase: 24.64%
Fresno, Calif.
- Median list price: $188,900
- Year-over-year increase: 21.87%
Source: Realtor.com
It IS a great time to list your home in the Desert. Call me today. I can show how your home compares to other listed homes in your neighborhood.
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