by high demand and tight inventory, California home sales and prices both
experienced strong increases in April, with the median price surpassing the
$400,000-mark for the first time in five years, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported.
sense of the story
statewide median price of an existing, single-family detached home climbed 6.3
percent from March’s revised median price of $378,960 to $402,760 in April,
signaling the first time since April 2008 that the statewide median price has
exceeded the $400,000 mark (and was the highest since then).
in April were up 1.3 percent from a revised 417,880 in March but down 3.7
percent from a revised 439,770 in April 2012.
The statewide sales figure represents what would be the total number of
homes sold during 2013 if sales maintained the April pace throughout the
year. It is adjusted to account for
seasonal factors that typically influence home sales.
available supply of homes for sale was essentially unchanged from March, but
was down markedly from a year ago. The
April Unsold Inventory Index for existing, single-family detached homes was 2.8
months in April, down from 2.9 months in March, and down from 4.2 months in
April 2012. The index indicates the
number of months needed to sell the supply of homes on the market at the
current sales rate. A six- to
seven-month supply is considered normal.
market competition has significantly driven down the time on market compared
with a year ago. Homes sold more quickly
in April, with the median number of days it took to sell a single-family home
decreasing to 27.9 days in April, down from 29.4 days in March and down from a
revised 48 days for the same period a year ago.
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