Median Home Sales up 1.3 Percent in California Since August 2016

Median Home Sales up 1.3 Percent in California Since August 2016

Median home sale prices keep rising across California, as the state’s surge (despite relatively low inventory) continues. According to the California Association of Realtors (CAR), single-family home sales were up 1.3 percent statewide from August 2016 to August 2017.

While the Bay Area exhibited the most growth, Southern California still had its fair share as well. According to the report, the median home sale price rose 7.7 percent year-over-year in Southern California to $534,820. Sales also increased by 5.8 percent compared to August 2016.

With low inventory (down 11.8 percent), homes are also moving quickly across the state. The median time on market for a home was 28 days just 12 months ago, and that timeframe sits at 18 days today. That latter figure is surprisingly up month-over-month. July 2017 saw homes last just 16 days on the market (per the median).

In the Los Angeles metro area, the median sale price for home sales was $499,970 in August, a 5.6 percent jump from last year. However, LA County median home sales were at $575,130 — a 9.7 percent increase year-over-year. That price puts LA fourth among Southern California’s six counties. Orange County led the way at $789,000, followed by Ventura County ($640,000), and San Diego County ($605,000).

 

 

 

 

Source: Median Home Sales up 1.3 Percent in California Since August 2016 | Neighborhoods.com

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