Real Estate Snapshot
California median price rises in January
The median price of existing, single-family homes rose 15 percent in January, while sales declined 10.6 percent compared with the prior year, according to C.A.R.’s latest sales and price report. The median price of an existing, single-family detached home in California during January was $287,440, a 15 percent increase from the revised $249,960 median for January 2009, according to the report. The January median price declined 6.3 percent compared with December’s $306,820 median price. Statewide home resale activity decreased 10.6 percent from the revised 602,660 unit sales pace recorded in January 2009. Sales in January 2010 decreased 3 percent compared with the previous month.
“Many sales that closed escrow in January were on homes with offers accepted during the holiday season--a time when many house hunters are first-time buyers,” said C.A.R. President Steve Goddard. “First-time buyers typically purchase homes priced below an area’s median home price. Reflecting this, the percentage of homes priced under $500,000 increased to 77 percent of all sales in January, compared with 75 percent in December.”
Percentage of reduced listing prices declines 4 percent
The percentage of homeowners who reduced their listing prices declined approximately 4 percent in January compared December, according to a monthly survey conducted by ZipRealty, which examines home listings in 27 major markets.
Slightly more than 40 percent of home listings experienced at least one price reduction in January, compared with 44 percent in December, according to the report. On average, homeowners within all markets studied reduced list prices by $21,925.
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