Median Price for California Condo is $267,520 in October 2009
(LOS ANGELES, CA) – The California Association of Realtors reports single-family home prices fell 3.2% in October from the same period in 2008. The median price for an existing, detached house dropped to $207,500 from $307,210 a year earlier.
Sales of existing homes rose 1% in October. The association expected total 2009 sales to reach 562,400. Foreclosures represent 41% of the closed transactions, according to MDA DataQuick.
The median price for a California condominium was $267,520, down 3.6% from a year earlier and 1% from September. . Condo sales rose 9.4% from October 2008 and 5.5% from September.
(SACRAMENTO, CA) — San Francisco, San Mateo and Martin Counties are the least affordable home markets in California while Stanisllaus County is the most affordable, according to the quarterly National Association of Home Builders/Wells Fargo Housing Opportunity Index.
The study found families earning the median income could afford 59.1 percent of the new and existing homes sold during the third quarter, down 3.6 percent from the second quarter. California’s affordability was 11 percent lower than the nationwide affordability of 70.1 percent.
“As existing home inventories drop and builders sell more homes, we’re seeing increased competition among buyers which has led to incremental price increases in most areas around the state,” says Liz Snow, president and CEO of the California Building Industry Association.
Snow adds, “While we’re not out of the woods yet, this could signal that the bottom of the market is here, and as the market improves, we could be facing an imbalance in supply and demand.”
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