California Home Prices Up 28.5% In June, Year Over Year

Posted by Patrick Barnard on July 19, 2013 No Comments
Categories : Residential Mortgage

California's housing market, which was ravaged by the economic crisis, continues to improve, according to a report from DataQuick.

According to the firm's California June Home Sales report, median home prices in the state are up 28.5% compared to June 2012. In fact, June marked the 16th consecutive month that home prices in the state were on the rise.

However, house and condo sales in June were down compared to May. Specifically, a total of about 41,027 houses and condos sold statewide, a decrease of about 6.9% compared to the 44,087 that sold in May and down 3.5% from the 42,513 sold in June 2012, according to the report.

The median home price in June was $352,000, up 3.5% from $340,000 in May and up a record 28.5% from $274,000 in June 2012. The average home price in California peaked in March/April/May 2007, when it hit $484,000. The average home price dipped to $221,000 in April 2009.

Of the existing homes sold last month, 10% were properties that had been foreclosed upon during the past year, while 16% were short sales. Foreclosure resales peaked at 58.8% in February 2009, the report states.

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