CALIFORNIA FACT SHEET
California home prices increase year-over-year in March
California home sales declined in March from February's pace, while the median home price snapped a 16-month annual price decline and posted its first year-over-year gain, C.A.R. reported Monday.
The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February's $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011. The month-to-month increase was the largest since March 2004.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 505,360 units in March, according to information collected by C.A.R. from more than 90 local REALTORŪ associations and MLSs statewide. Sales in March were down 4.5 percent month-over-month and 2.3 percent year-to-year.
"Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average. These low inventory levels demonstrate that the pilot program is not necessary in California."
The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors.
Fast Facts
Calif. median home price - March 2012: $291,080 (Source: C.A.R.)
Calif. highest median home price - San Mateo $677,900 (Source: C.A.R.)
Calif. lowest median home price - Tehama County $108,000 (Source: C.A.R.)
California Pending Home Sales Index: February 2012: 127.8, an increase from the revised 102.4 recorded in January.
Calif. First-time Buyer Affordability Index - Fourth quarter 2011: 55 percent (Source: C.A.R.)
Calif. median home price - March 2012: $291,080 (Source: C.A.R.)
Calif. highest median home price - San Mateo $677,900 (Source: C.A.R.)
Calif. lowest median home price - Tehama County $108,000 (Source: C.A.R.)
California Pending Home Sales Index: February 2012: 127.8, an increase from the revised 102.4 recorded in January.
Calif. First-time Buyer Affordability Index - Fourth quarter 2011: 55 percent (Source: C.A.R.)
Mortgage rates: Week ending 5/3/2012
30-yr. fixed: 3.84% fees/points: 0.8% 15-yr. fixed: 3.07 fees/points: 0.7% 1-yr. adjustable: 2.70% Fees/points: 0.6% (Source: Freddie Mac)