Median Home Price in California at Highest Level Since April 2008

Median Home Price in California at Highest Level Since April 2008

06/14/2013 BY: ESTHER CHO

In May, the median price for a home in California rose year-over-year for the 15th straight month, climbing to highest level since April 2008, DataQuick reported.

At $340,000, the median price was up 4.9 percent from April and up 25.9 percent from May 2012.
In 2007, the median price peaked at $484,000, according to the San Diego-based data provider.

DataQuick also found mortgage payments for homebuyers increased to $1,227, up from $1,157 in April. A year ago, homebuyers committed to mortgage payments of about $1,006.

Despite the increase in prices, total home sales rose 8.3 percent month-over-month to 42,293.

Compared to a year ago, sales were up 1.2 percent from 41,790 sales in May 2012. According to DataQuick, 11.4 percent of the existing-homes sold last month were properties that had been foreclosed on during the past year. This brings foreclosure resales down to the lowest level since August 2007, when they represented 9.4 percent of the resale market. In April, foreclosure resales stood at 13.5 percent, and represented 28.5 percent of resale transactions in May 2012. In February 2009, foreclosure resales reached a peak of 58.8 percent, DataQuick reported.

Short sales accounted for about 17.7 percent of sales, essentially unchanged from April, but down from 23.7 percent a year ago.

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