The California Association of Realtors (C.A.R.) continued to report a shortage of inventory in September, which is limiting home sales but seems to be pushing up median home prices.
According to C.A.R., the median home price in California is now at the highest level in more than four years.
The statewide median price of an existing, single-family home reached $345,000 in September, up 0.3 percent from August’s $343,820 median price. The gain was also a 19.5 percent increase from September 2011, the highest yearly gain since May 2010 and the biggest gain overall since August 2008, when the median price was $352,730. For seven straight months now, prices have been increasing monthly and yearly.
Sales, on the other hand, fell in September, sinking 5.2 percent from a revised 510,910 in August and declined 1.2 percent from a revised 490,280 a year ago…
Read the rest of this article by DSNews.com here: “California’s Median Home Price at Four-Year High: C.A.R.”.