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California home prices rose 25 percent in the 12 months through November,
the most in eight years, as demand rose in expensive coastal areas, the
state Realtors group said Tuesday.
The median price of an existing, single-family detached home was $349,300
last month, up from $279,910 a year earlier, the California Association of
Realtors said. The last time prices had a larger gain was in June 2004, the
Los Angeles-based group said.
In the Bay Area, the median home price was up 26 percent from a year earlier
at $588,800, though it fell 0.7 percent from October, the Realtors group
said.
In the Los Angeles metropolitan area, the median was $327,840 last month, up
22 percent from a year earlier and 2.9 percent from October.
California's median price was driven up by a decline in sales in lower-
priced areas, and an increase in transactions involving mid- and higher-
priced homes, the Realtors said.
"The significant increase in price was due in part to the change in the mix
of sales," said Leslie Appleton-Young, the group's chief economist. "Coastal
markets, which tend to have high-end properties, accounted for a larger
share of total sales and led to strong price gains overall."
California homes sold at an annual pace of 518,290 last month, up 2.7
percent from a year earlier, the association said. The figure is the total
number of properties that would be sold during 2012 should sales maintain
their November pace throughout the year. Sales dropped 4.9 percent from
October.
"As we approach the new year, it is likely that sales and price will remain
solid moving forward," Appleton-Young said.
The market's strength is dependent upon both the economy and Congress
maintaining the federal mortgage-interest deduction for taxpayers, she said.
Read more: http://www.sfgate.com/realestate/article/California-home-prices-rise-25-percent-4129561.php#ixzz2FbG8y4Sf
the most in eight years, as demand rose in expensive coastal areas, the
state Realtors group said Tuesday.
The median price of an existing, single-family detached home was $349,300
last month, up from $279,910 a year earlier, the California Association of
Realtors said. The last time prices had a larger gain was in June 2004, the
Los Angeles-based group said.
In the Bay Area, the median home price was up 26 percent from a year earlier
at $588,800, though it fell 0.7 percent from October, the Realtors group
said.
In the Los Angeles metropolitan area, the median was $327,840 last month, up
22 percent from a year earlier and 2.9 percent from October.
California's median price was driven up by a decline in sales in lower-
priced areas, and an increase in transactions involving mid- and higher-
priced homes, the Realtors said.
"The significant increase in price was due in part to the change in the mix
of sales," said Leslie Appleton-Young, the group's chief economist. "Coastal
markets, which tend to have high-end properties, accounted for a larger
share of total sales and led to strong price gains overall."
California homes sold at an annual pace of 518,290 last month, up 2.7
percent from a year earlier, the association said. The figure is the total
number of properties that would be sold during 2012 should sales maintain
their November pace throughout the year. Sales dropped 4.9 percent from
October.
"As we approach the new year, it is likely that sales and price will remain
solid moving forward," Appleton-Young said.
The market's strength is dependent upon both the economy and Congress
maintaining the federal mortgage-interest deduction for taxpayers, she said.
Read more: http://www.sfgate.com/realestate/article/California-home-prices-rise-25-percent-4129561.php#ixzz2FbG8y4Sf
