×
Your C.A.R.
Industry 360°
Transaction Center
Learn & Thrive

Model MLS Rules/Materials

California Model MLS Rules, Issues Briefing Papers, and other articles and materials related to MLS policy.


Code of Ethics Violators

Summaries and photos of California REALTORS® who violated the Code of Ethics and were disciplined with a fine, letter of reprimand, suspension, or expulsion.


Statewide MLS Initiative

An explanation of C.A.R.'s position on MLS consolidations in general and a statewide MLS in particular.


NAR Code of Ethics

The most recent edition of the Code of Ethics and Standards of Practice of the National Association of REALTORS®.


Professional Standards Materials

The California Professional Standards Reference Manual, Local Association Forms, Interboard Arbitration Rules, and other materials related to Code of Ethics enforcement and arbitration.


Housing Market Forecast

Following modest gains in home sales in 2016, California’s housing market will post a nominal increase in 2017.


Housing Matters Podcast

The all-new Housing Matters Podcast is your housing hub for market analysis, economic trends, and housing news.


Stay Connected

Stay connected with the latest releases by subscribing to the products and services that interests you.


Interactive Market Stats

Gain insights on California's housing market through interactive dashboards. Select your metrics and see where the data takes you.


Speeches & Presentations

From outreaches to webinars, the Research and Economics team is sharing their insight on the market and the economy.


Surveys & Highlights

Californians are surveyed annually to gain insights on the housing market from their persepective.


Recent Laws

Summaries of legislation and regulation effecting REALTORS® and updates on news relevant to REALTORS®.

Legal News 2017 Laws 2016 Laws
Legislation

C.A.R. advocates for REALTOR® issues in Washington D.C., Sacramento and in city and county governments throughout California.

Federal Issues State Government Affairs Local Advocacy Resources
PACs and RAF

CREPAC, LCRC, IMPAC and the RAF comprise C.A.R.'s political fundraising arm.

CREPAC/LCRC IMPAC State and Local REALTOR® Action Fund
Politics and You

Learn how you can make a difference, by getting involved yourself or by passing along valuable information to your clients.

Get Involved Homeowner Legislative Facts
Top Searches
CLOSE

Price in California Up for 2 Months in a Row

Email Article
Lock icon
The page you are sharing is not public and requires a car.org account to view.
Send Email
What is this?
Add a quick link to this page from the Homepage when you are signed in
Share Article

May 2012

Price in California Up for 2 Months in a Row


The California median home price posts year-to-year increases in March and April of 2012, as supply conditions tightened up across all price ranges.

Prices Beginning to Turn Heads
The statewide median price was at $308,050 in April of this year, up almost 5 percent over last April. It was the first time the median price was above the $300,000 mark in nearly a year and a half (since December 2010). Prior to March, we had seen 16 months straight of year-over-year declines in the median price. However, in March and April the California housing market bucked that trend as constrained inventory levels put upward pressure on prices across the board.  The median price in April was the highest since September 2010 and was 26 percent above the cyclical bottom of $245,230 back in February 2009.

On a month-over-month basis, the median price was up 5.7 percent in April compared to March, which was markedly up from the long-run March to April change of 1.7 percent.  That monthly increase came on the heels of a 9.3 percent monthly increase from February to March, all of which point to price gains much stronger than the typical seasonal change for this time of the year.

TABLE 1
May2012 Slide 1

California’s Housing Market Faces Tight Inventory Conditions
Unsold Inventory is used to measure approximately how many months it will take to deplete the supply of homes on the market at the current sales pace. Currently, California’s housing market is running at 4.2 months of supply, as compared to the long run average inventory level of about 7 months..  For well over a year, tight supply conditions had been mainly limited to the distressed and entry-level markets, but the supply shortages have filtered into the mid to high-end of the market in recent months.

In addition, sales of existing single-family detached homes in California have been above the 500,000 mark for six months running and breaking in at above 555,000 units in April.  With the current robust level of sales and the lack of inventory, the imbalance between demand and supply posed upward pressure on prices in March and April. All of the above makes for a very strong start to the home buying season in 2012. Call me today for more information or to list your home!

TABLE 2
May2012 Slide 2

FEEDBACK