California Prices Soar 8.3% in One Month

by devteam April 20th, 2013 | Share

The median price of a home in California</bshot up in March to $313,000 from 289,000 in February, a one-month increase ofrn8.3 percent.  The spike put the medianrnprice 24.7 percent above the price in March 2012, the 13th</supconsecutive annual price increase.   California prices peaked at a median ofrn$484,000 in the late spring/early summer of 2007 and hit a low of $221,000 inrnApril 2009. </p

Sales of new and existing single-familyrnhouses and condos increased 31.5 percent from February; 37,764 transactions asrncompared to 28,719.  DataQuick, whichrnsupplied today’s data, said it is normal for sales to shoot up between Februaryrnand March and it appears the March 2013 figures are not extraordinary.  March sales in California have ranged from arnlow of 24, 565 in 2008 to 68,848 in 2005 and have averaged 43,648 since DataQuickrnbegan collecting data in 1988.  Thernrecent figure is 13.5 percent off of that mark. rn</p<pSales of foreclosedrnproperties (REO) had a 15.2 percent market share compared to 18.0 percent inrnFebruary and 32.8 percent one year earlier. rnThis was the lowest level for REO sales since September 2007 and wellrnbelow the peak 58.8 share in February 2009. rnShort sales had a 21.5 percent share, down slightly from 22.4 percent inrnFebruary and 24.5 percent in March 2012.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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