California’s median home price surpassed $400,000 for the first time in five years as rising demand and a tight supply of properties for sale drove up values, the state’s Realtors association said today.
The median price for an existing, single-family detached home climbed to $402,760 last month, up from $378,960 in March and the first time since April 2008 that the $400,000 mark was exceeded, the Los Angeles-based group said in a statement.
Mortgage rates close to record lows and a limited number of properties for sale are combining to increase competition and boost prices throughout the U.S. In California, the amount of unsold inventory dropped to 2.8 months — the time it would take to sell the supply of homes at the current pace — from 4.2 months a year earlier. A six-to-seven-month supply is considered normal, the Realtors association said.
In the San Francisco Bay area, the median home price was higher than $500,000 for the first time in almost five years, research firm DataQuick said today in a separate report. The median in the nine-county area rose almost 31 percent from a year earlier to $510,000. The half-million-dollar mark was last surpassed in May 2004, the San Diego-based company said.
Every LA Neighborhood Ranked by Rental Hotness
With Los Angeles’s for-sale housing market tight as hell and prices rising, no surprise that the rental market is also looking pretty damn crazy right now. The lovely people at rental site Lovely tell us that “the market is incredibly active and competition fierce with properties staying on the market no longer than 39 days across the entire city at steep asking prices.” They looked at the average time rentals spent on the market and average asking prices to find the most competitive neighborhoods to rent in–Beverly Glen is, sort of surprisingly, the maddest, with apartments lasting an average of just eight days on the market (at an average price of $2,660 per month). Bel Air and Pacific Palisades, not at all surprisingly, averaged the highest rents ($4,324 and $4,499 respectively); rentals in those ‘hoods averaged 34 days 26 days on the market respectively. Click here for the full list.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”