Post by red on Jul 25, 2006 10:40:09 GMT -8
California home prices hit new record
10:17 a.m. Median home prices continued to increase in California while sales rates decreased, according to a report released today.
The median home price rose to $575,800 in June, a new record for California, according to California Association of Realtors President Vince Malta.
The median price increased 6.2 percent compared to $542,330 in June 2005.
But statewide home resale activity decreased 26.3 percent from a year ago. Closed escrow sales of existing, single-family detached homes in California totaled 483,690 in June 2006, a drop from the 656,310 sales pace recorded in June 2005.
The California Association of Realtors' Unsold Inventory Index for existing, single-family detached homes in June was 6.2 months compared to 2.5 months for the same period one year ago.
The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Some local cities continued to see significant price increases.
Alhambra's median home price increased 23.3 percent in the past year to $555,000 in June.
La Puente's median home price rose 16.1 percent to $464,000 in June compared to $399,500 in June 2005.
The median home price in La Verne rose to $580,000 in June, a 13.3 percent increase compared to $512,000 one year ago.
La Canada Flintridge's median home price dropped 7.1 percent to $1.15 million in June, but it still ranked among the top 10 highest median home prices in California.
www.sgvtribune.com/business/ci_4093444
10:17 a.m. Median home prices continued to increase in California while sales rates decreased, according to a report released today.
The median home price rose to $575,800 in June, a new record for California, according to California Association of Realtors President Vince Malta.
The median price increased 6.2 percent compared to $542,330 in June 2005.
But statewide home resale activity decreased 26.3 percent from a year ago. Closed escrow sales of existing, single-family detached homes in California totaled 483,690 in June 2006, a drop from the 656,310 sales pace recorded in June 2005.
The California Association of Realtors' Unsold Inventory Index for existing, single-family detached homes in June was 6.2 months compared to 2.5 months for the same period one year ago.
The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Some local cities continued to see significant price increases.
Alhambra's median home price increased 23.3 percent in the past year to $555,000 in June.
La Puente's median home price rose 16.1 percent to $464,000 in June compared to $399,500 in June 2005.
The median home price in La Verne rose to $580,000 in June, a 13.3 percent increase compared to $512,000 one year ago.
La Canada Flintridge's median home price dropped 7.1 percent to $1.15 million in June, but it still ranked among the top 10 highest median home prices in California.
www.sgvtribune.com/business/ci_4093444