CALIFORNIA FACT SHEET

California home sales rise in December, posting 11-month sales high

California home sales rose for the third consecutive month in December, marking the highest level since January 2011, according to data from C.A.R. Sales also were up from a year ago, marking the sixth consecutive annual increase.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,940 in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. December's sales were up 3.3 percent from November's revised pace of 504,420 and were up 0.1 percent from the revised 520,330 sales pace recorded in December 2010.

The statewide median price of an existing, single-family detached home posted its second consecutive monthly gain, increasing 1.8 percent to $285,920 in December, up from a revised $280,960 in November. However, the median price was down 6.2 percent from the revised $304,770 median price recorded in December 2010.

Fast Facts

Calif. median home price - December 2011: $285,920 (Source: C.A.R.)
Calif. highest median home price - Marin $693,880 (Source: C.A.R.)
Calif. lowest median home price - Madera County $106,000 (Source: C.A.R.)
California Pending Home Sales Index: November 2011: 109.8, an increase of 11 percent compared with the prior year
Calif. First-time Buyer Affordability Index - Third Qtr: 52 percent (Source: C.A.R.)

Mortgage rates: Week ending 1/12/2012
30-yr. fixed: 3.89% fees/points: 0.7% 15-yr. fixed: 3.16 fees/points: 0.8% 1-yr. adjustable: 2.76% Fees/points: 0.6% (Source: Freddie Mac)