Median home prices across the state continued to show signs of recovery thanks to robust sales growth and a continued housing supply shortage, C.A.R. reported this week.
In fact, the surge in median home price in May led to the largest year-over-year price gain in at least the last 33 years. Based on information collected by C.A.R., the statewide median price of an existing, single-family detached home was $417,350 in May, which is an increase of 3.6 percent from April’s median price of $402,760. There have been 15 straight months of annual price increases on top of eleven consecutive months of double-digit annual gains.
In comparison to April, sales in May were up 1.9 percent, with 431,370 existing, single-family detached California homes being sold. The state’s Unsold Inventory Index is noticeably down from last year, which speaks to the diminished supply of available homes for sale. While a six- to seven-month supply is considered normal, the rate was 2.6 months in May.
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In comparison to April, sales in May were up 1.9 percent, with 431,370 existing, single-family detached California homes being sold. The state’s Unsold Inventory Index is noticeably down from last year, which speaks to the diminished supply of available homes for sale. While a six- to seven-month supply is considered normal, the rate was 2.6 months in May.
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