East Bay Real Estate June Results From California Association Of Realtors!

July 30, 2008 by Jim Walberg · Leave a Comment

Each month C.A.R. provides Realtors valuable stats and trends in order to assist with providing information to our clients. Here is a summary of their June 2008 report.

LOS ANGELES (July 25) – “Statewide home sales remained above the 400,000 level for the second month in a row, and up nearly 18 percent from a year ago,” said C.A.R. President William E. Brown. “Following a 30-month string of year-to-year percentage decreases that began in October 2005, sales last month also posted their third consecutive year-to-year gain.

“Sales were driven in part by large shares of deeply discounted distressed sales in many parts of the state,” he said. “With lower prices and favorable interest rates, affordability also has improved significantly in recent months, paving the way for many buyers to purchase their first home.”

Closed escrow sales of existing, single-family detached homes in California totaled 420,550 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 17.5 percent from the revised 357,890 sales pace recorded in June 2007.

C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in June 2008 was 7.7 months, compared with 10.2 months (revised) for the same period a year ago.
Thirty-year fixed-mortgage interest rates averaged 6.32 percent during June 2008, compared with 6.66 percent in June 2007.
The median number of days it took to sell a single-family home was 49.1 days in June 2008, compared with 51.5 days (revised) for the same period a year ago.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 2.9 percent, or 11 out of 385 cities and communities, showed an increase in their respective median home prices from a year ago.
In the Bay Area the highest median home prices during June 2008 were: Los Altos, $1,595,000; Burlingame, $1,575,000; Mill Valley, $1,150,000; Los Gatos, $1,143,000; Cupertino, $1,072,500; San Carlos, $1,022,500; Danville, $965,000;

June 2008 Regional Sales and Price Activity
Regional and Condo Sales Data Not Seasonally Adjusted

	Median Price	Percent Change in Price from Prior Month	Percent Change in Price from Prior Year		Percent Change in Sales from Prior Month		Percent Change in Sales from Prior Year
	Jun-08	May-08		Jun-07		May-08	Jun-07
Northern California	$341,400	1.0%		-13.0%		12.1%	-1.4%
San Francisco Bay Area	$676,740	-1.5%		-19.8%		3.8%	-4.7%

Median Prices By Region – Current Month vs. Year Ago

	Jun-08	May-08	Jun-07
Northern California	$341,400	$337,870	$392,360
San Francisco Bay	$676,740	$686,810	$843,390

If you are truly a Buyer then lock your loans and buy. If you need to sell your home do it now! If you don’t need to sell your home, then get in to a wait and see mode until after the first of the year. Contact me today if you would like to see what is happening with prices in your neighborhood. We are always standing ready to serve your real estate needs.