Single Family Home In California Increased 3.7 Percent In December

February 5, 2007

The median price of an existing single-family home in California increased 3.7 percent in December and sales decreased 15.3 percent compared with the same period a year ago, C.A.R. recently reported. "The market continues to level out as buyers and sellers search for common ground in today’s more balanced environment," said C.A.R. President Colleen Badagliacco. "The number of homes for sale peaked in June and July and has since edged downward. Although time on the market remains higher than it was a year ago, competitively priced homes continue to sell well."

According to the report, the median price of an existing, single-family detached home in California during December 2006 was $567,690, a 3.7 percent increase over the revised $547,400 median for December 2005. Also last month, closed escrow sales of existing, single-family detached homes in California totaled 450,550 at a seasonally adjusted annualized rate, down 15.3 percent compared with the sales pace recorded one year earlier and down 0.1 percent from home resale activity in November.

"Year-over-year sales declined in most regions last month, albeit at a lesser pace then what we experienced earlier this year," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "The price picture across the state continues to be mixed. Increases were strongest in urban areas that experienced relatively less new home building or strong economic growth in recent years. Prices were weakest where there has been robust home building activity or in those areas of the state that were popular with second-home buyers."

source: C.A.R.

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