By C.A.R report also shows median price of existing home dropped
The May home sales report from the California Association of REALTORS® is out this week and shows that home sales grew 18.1 percent in May compared to the same time period last year. The report also shows that the median price of an existing home dropped 35.3 percent from May 2007.
C.A.R. says closed escrow sales of existing, single-family detached homes reached 423,700 in May at a seasonally adjusted annualized rate. That sales figure represents how many homes would be sold during 2008 if sales kept up with May’s pace throughout the year.
“Home sales exceeded 400,000 last month for the first time since early 2007. While this is a welcome sign for the market, it was due in part to the large share of distressed homes for sale in many parts of the state,” C.A.R. President William E. Brown said.
The statewide median price for an existing, single-family detached home was $384,840 in May, a 35.3 percent drop from May 2007, C.A.R. reports. C.A.R. Vice President and Chief Economist Leslie Appleton-Young says the drop reflected the impact of the market’s large number of short sales and foreclosures.
According to the report, the 10 cities with the highest median home prices in the state in May were:
- Los Altos, $1,710,000
- Burlingame, $1,700,500
- Saratoga, $1,506,500
- Mill Valley, $1,475,000
- Los Gatos, $1,350,000
- Newport Beach, $1,250,000
- Cupertino, $1,172,500
- Santa Barbara, $1,066,000
- Rancho Palos Verdes, $950,000
- San Carlos, $900,000
See Also
- CALIFORNIA ASSOCIATION OF REALTORS® 2008
A trade organization representing more than 185,000 REALTORS® across the state. - Intero Real Estate Services
A premier real estate brokerage with more than 2,200 sales associates serving Arizona, California, Colorado, Florida, Hawaii, Nevada and Texas.
