California Median Home Prices Improve

The California Association of Realtors® has announced that home prices have reached their highest level since August of 2010.

Home prices continue to improve, month-over-month and year-over-year for the fourth consecutive month.  The statewide median home price of a single family home rose to $320,540 in June.

Median California Home Prices Improve

“The lack of inventory continued to impact California’s housing market this month.  Tight supply is putting upward pressure on home prices, but it also is restraining sales demand, especially in lower-price segments” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “In June, sales below $300,000 declined 4.1 percent from the previous month, while sales of homes priced higher than $500,000 increased 2.3 percent.”  A 7 month supply is considered normal, and the inventory in June was 3.5 months.

Median California Home Prices Improve

Tagged with: Buyers • Buying • California • Home Prices

Filed under: Real Estate News

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