California: 7th Month in Home Price Gains

October 16th, 2012, 6:00 am · 

 · posted by MARILYN KALFUS, 

THE ORANGE COUNTY REGISTER

The median price of a California home 
reached its highest level in more 
than 4 years in September, the 
California Association of Realtors reports. 
But while prices rose, a continued 
shortage of  homes on the market 
lowered sales.

From C.A.R. 
Vice President and Chief Economist 
Leslie Appleton-Young:

“For the state, at 3.7 months of supply, 

unsold inventory is still less than half 

    what it would be in a normal market.

As a result of the constrained supply

    at the moderate and lower end of the 
     market, sales of homes priced under

$200,000 dropped nearly 28 percent,

    and homes priced $200,000-$300,000 
     fell more than 15 percent in September. 

“By contrast, in the upper price range,

     where inventory isn’t as much of an 
      issue, sales of homes priced 
      $400,000-$500,000 rose more than 
      14 percent, and those priced above 
      $500,000 increased more than 15 percent.”

In Orange County, the median price in September 
was at $561,830,  up 12.4% from $500,000 last 
September. Sales were up 1.8% year over year 
but down 18.8% from August.

DataQuick, which measures all home sales — 
not just existing, single family homes — 
reported last week that the median price 
for an Orange County home was $450,000 , 
up 5.9% from September 2011. County officials 
recorded 2,677 homes sold, up 6.7 percent from 
September a year ago. September was the 5th 
consecutive month that Orange County saw both 
price and sales increases, DataQuick reported.

.