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Jim Guido's Blog

By Jim Guido | Agent in 95125

Good News, California home prices rise 25 percent

California’s median price continued to register double-digit gains from year-ago levels and
strong sales of higher-priced homes led to a year-over-year increase in sales in California
during November, the CALIFORNIA ASSOCIATION OF REALTORS® reported this week.
Making sense of the story

ï‚· The statewide median price of an existing, single-family detached home increased 2.3
percent from October’s $341,370 median price to $349,300 in November.

 November’s price was up 24.8 percent from a revised $279,910 recorded in November
2011, marking the ninth consecutive month of annual price increases and the fifth
consecutive month of double-digit annual gains. The year-to-year percentage increase
was the largest since June 2004.

ï‚· Sales of existing, single-family detached homes in California were down 4.9 percent
from October, but up 2.7 percent compared with the previous year.

 “California’s median home price continued to strengthen in November, marking its
highest point since August 2008,” said C.A.R. Vice President and Chief Economist Leslie
Appleton-Young. “The significant increase in price was due in part to the change in the
mix of sales. Coastal markets, which tend to have high-end properties, accounted for a
larger share of total sales and led to strong price gains overall.”

Read the full story

http://www.sfgate.com/realestate/article/California-home-prices-rise-25-percent-4129561.php

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