Median Home Price in CA Reaches Record High in June!!

Woooo Eeeeee, Up burning the midnight oil, but don't tell anyone!!


The median price of an existing single-family home in California increased 6.2 percent in June and sales decreased 26.3 percent compared with the same period a year ago, C.A.R. recently reported.

"While home price appreciation has slowed over the past few months, the median price continues to climb in most areas of the state and reached $575,800 in June, a new record for California," said C.A.R. President Vince Malta. "For the first time since November 2001, we experienced back-to-back months of single-digit price appreciation, moderated in part by increased inventory levels."

According to the report, the median price of an existing, single-family detached home in California during June 2006 was $575,800, a 6.2 percent increase over the revised $542,330 median for June 2005.

Also in June, closed escrow sales of existing, single-family detached homes in California totaled 483,690 at a seasonally adjusted annualized rate, down 26.3 percent compared with the sales pace recorded one year earlier and down 0.9 percent from home resale activity in May.

"Mortgage interest rates continued to edge up for the fifth consecutive month in June, contributing in part to a slowdown in sales," said C.A.R. Chief Economist Leslie Appleton-Young.

"June 2006 was the first time since late 2001 that the sales pace fell below 500,000 for two consecutive months. Home sales declined 26.3 percent last month compared with June 2005, when they hit the third-highest monthly pace on record."

**Taken from the California Association of Realtors Bulletin, dated July 26, 2006.