California Home Prices Up as More Expensive Homes Sell

August 25, 2009 No Comments »

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The median price for a California home increased for the third straight month in July, according to DataQuick.

Last month, the median price inched up to $250,000, up 1.6 percent from $246,000 in June, but remains 21.4 percent below the $318,000 median seen last year.

Unfortunately, the slight uptick in median home price was attributable to the sale of more expensive homes, and not necessarily any sign of a recovery.

Of exiting homes sold last month, just 43.7 percent were previously foreclosed on in the past year, the lowest percentage so far this year.

A year ago, the share of previously foreclosed was 42.5 percent, with such sales peaking at 58.8 percent back in February of this year.

Both new and resale home sales, which totaled 45,079, increased 2.1 percent from June, and were up 14.1 percent compared to July 2008.

Sales have now increased on a year-over-year basis for the past 13 months; last month’s sales were the highest for any month since August 2006.

In the Bay Area, homes sales hit a four-year high last month as transactions above the $500,000 mark increased and low-cost foreclosures dried up.

Again, the median increased as a result of more higher-priced homes selling, as more affluent areas fell victim to the foreclosure epidemic.

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