2005 California Median Home PricesFor 2005 California Median Home Prices, please click on the corresponding month on the left navigation bar.
Below is a summary of news released by the California Association of Realtors in regards to the home market trends in California.
- Cautiously optimistic outlook for 2006
- sales in 2006 are expected to decline by 2 percent to 622,300 units
- The median price is expected to rise 10% to a new record of $573,500
- Coastal regions of the state are expected to see weaker price appreciation and sale
- Median price of an existing detached single family home fell in September to $543,980, down 4.4% from the current record of $568,730 that was set in August.
- But median price was 17.3% higher when compared to the September 2004 median of $463,630.
- Sales rose 2.9% over the August 2005 or 650,780 units
- Unsold inventory index stood at 3.3 months as of September 2005.
- In August, unsold inventory was 2.9 months
- The average for the state is 6.4 months.
- median price of an existing detached home reached a record high of $568,890 in August 2005.
- the C.A.R. Housing Affordability Index (HAI) fell from 16% in July to 14% in August 2005.
- This means that only 14% of California's households can afford to buy the median home, assuming a 20% down payment, a composite effective mortgage rate of 5.87%, and a qualifying ratio of 30%.
- Mid-year report indicates that the California housing market is on track to set records for both statewide home sales activity and the median price in 2005.
- Sales of existing detached homes in California hit the second highest level on record at 644,430 units in the second quarter of 2005
- Sales rose 1.6% compared to the first quarter of the year, and were up 1.4% over the sales pace of a year ago.