socialmedian: California Home Prices Increase in May for Third Straight Month; Largest May Increase in History

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California Home Prices Increase in May for Third Straight Month; Largest May Increase in History

Source: CARPE DIEM

Jun 26, 2009

Summary

LOS ANGELES (June 25) – Home sales increased 35.2% in May in California compared with the same period a year ago, while the median price of an existing home declined 30.4%, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) reported (see chart above).

“With affordability for first-time buyers at a record high, sales of existing, single-family homes continued to remain above the 500,000 level for the ninth consecutive month,” said C.A.R. President James Liptak. “Buyers are beginning to realize that the combination of favorable home prices, historically low mortgage rates, and first-time home buyer tax credits, may not align again for many years.

The median price of an existing, single-family detached home in California during May 2009 was $267,570, a 30.4% decrease from the revised $384,540 median for May 2008, C.A.R. reported. The May 2009 median price rose 4.2% compared with April’s $256,700 median price.

“The statewide median price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May, according to statis

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