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CAR: Calif. median home price sees highest year-to-year increase since June 2004

Strong sales of higher-priced homes led to a year-over-year increase in sales in California during November, with the San Diego region posting numbers in the middle of the pack when looking at Southern California markets, the California Association of Realtors reported Tuesday.

The median price of an existing, single-family detached home in San Diego increased 2.2 percent from October’s $395,470 median price to $403,990 in November. November’s price was up 13.3 percent from a recorded $356,410 in November 2011.

The statewide median price of an existing, single-family detached home increased 2.3 percent from October’s $341,370 median price to $349,300 in November. November’s price was up 24.8 percent from a revised $279,910 recorded in November 2011, marking the ninth consecutive month of annual price increases and the fifth consecutive month of double-digit annual gains. The year-to-year percentage increase was the largest since June 2004.

"The negative impact of a lean housing supply on home sales is becoming more apparent, especially in markets with more distressed properties,” said CAR President Don Faught. “In lower-priced markets, home sales declined, whereas sales of mid- to higher-priced homes posted strong increases because there is a greater supply.”

Throughout the state, closed escrow sales of existing, single-family detached homes totaled a seasonally adjusted annualized rate of 518,290 units, according to information collected by CAR from more than 90 local Realtor associations and MLSs statewide. Sales in November were down 4.9 percent from a revised 545,180 in October and up 2.7 percent from a revised 504,470 in November 2011.

The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

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