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.
- 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.
- 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.”
