Copy of WHAT YOU NEED TO KNOW before jumping in (6)

The median home price in California has reached its highest level since 2007, coming in at $522,440 for February 2018 (data compiled by the California Association of Realtors – CAR.) That’s an 8.8% increase, year to year, from February 2017, when the median home price in the state was $480,270. The peak of the market for California came in May of 2007 when the median home price was $594,530.

According to CAR  “year-over-year price gain has been growing at or above 7 percent for eight of the past nine months.”

Get Pre-Approved for Buying a Home

The counties with February’s highest median prices are all in the Bay Area:

  • San Francisco County: $1,730,000
  • San Mateo County: $1,610,000
  • Santa Clara County: $1,383,500
  • Marin County: $1,371,000

The counties with the next highest median prices are:

  • Orange County: $805,380
  • Santa Cruz County: $800,000
  • Santa Barbara County: $755,000

According to the National Association of Realtors (NAR) chief economist Lawrence Yun,  “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

The Importanceof literacy (1)

The median price for Condos/Townhomes has been growing at a faster pace than existing single-family homes, with a 13.3% increase, year over year.  The $461,400 statewide median price is the highest on record, beating June 2017’s $451,450.

While shrinking inventory continues to hamper home buyers in the state, the 422,910  single-family units sold in February 2018 was a 5.4% increase from February 2017’s 401,060 single-family units. These results seem to be driven by sales in the Bay Area counties, which saw home sales surge in February as compared to Southern California where home sales continue to decline.

Get a customized live rate quote

CAR broke down the data regionally throughout the state and noted:

  • Sales increased in eight of nine Bay Area counties, with Contra Costa (11.2 percent), Napa (18.2 percent), and San Mateo (16.1 percent) all increasing by double digits.
  • Central Valley also experienced an increase in sales, as the region maintained its momentum for the second consecutive month. Sales of existing single-family homes were up 6.3 percent when compared to last February.
  • The Southern California market was not as robust as the Bay Area and the Central Valley with an overall sales decline of 2.8 percent when compared to last February.
  • While the price growth in Southern California was not as strong as that of the Bay Area, the increase was still robust. All counties increased on a year-over-year basis by at least 4.5 percent with Los Angeles rising the most at 12.1 percent. Orange County followed with an 8.1 percent year-over-year increase, surpassing the $800,000 benchmark for the first time and setting a new record high median price ($805,380).

The full breakdown by county, statewide, from CAR’s Current Sales Price and Statistics:

February 2017 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

February 2018

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

Feb. 2018

Jan. 2018

 

Feb. 2017

 

Price MTM% Chg

Price YTY% Chg

Sales MTM% Chg

Sales YTY% Chg

CA Single-family home

$522,440

$527,780

r

$480,270

-1.0%

8.8%

3.3%

5.4%

CA Condo/Townhomes

$461,400

$433,160

r

$407,100

6.5%

13.3%

5.5%

-2.4%

Los Angeles Metro Area

$497,730

$492,450

$454,520

1.1%

9.5%

-7.3%

-2.5%

Inland Empire

$352,570

$349,710

$327,440

0.8%

7.7%

-3.6%

-1.2%

San Francisco Bay Area

$893,690

$809,900

$784,470

10.3%

13.9%

7.5%

7.1%

San Francisco Bay Area

Alameda

$832,000

$840,000

$786,000

-1.0%

5.9%

5.4%

6.8%

Contra Costa

$610,000

$555,000

$554,250

9.9%

10.1%

0.7%

11.2%

Marin

$1,371,000

$1,317,500

$1,174,500

4.1%

16.7%

1.2%

1.2%

Napa

$713,500

$662,000

$660,000

7.8%

8.1%

-7.9%

18.6%

San Francisco

$1,730,000

$1,330,000

$1,276,000

30.1%

35.6%

8.6%

-4.7%

San Mateo

$1,610,000

$1,437,500

$1,352,000

12.0%

19.1%

30.2%

16.1%

Santa Clara

$1,383,500

$1,170,000

$1,100,000

18.2%

25.8%

19.3%

5.7%

Solano

$430,000

$425,000

$382,500

1.2%

12.4%

8.0%

3.1%

Sonoma

$689,000

$670,000

$598,640

2.8%

15.1%

-5.5%

3.9%

Southern California

Los Angeles

$527,280

$564,100

$470,200

-6.5%

12.1%

-6.0%

-3.9%

Orange

$805,380

$780,000

$745,000

3.3%

8.1%

5.0%

-1.0%

Riverside

$396,250

$397,250

$367,250

-0.3%

7.9%

1.7%

-0.8%

San Bernardino

$278,000

$277,000

$265,000

0.4%

4.9%

-11.2%

-2.0%

San Diego

$605,000

$590,000

$559,950

2.5%

8.0%

4.7%

-3.9%

Ventura

$609,000

$660,720

$582,500

-7.8%

4.5%

-17.7%

-7.1%

Central Coast

Monterey

$590,000

$571,500

$535,000

3.2%

10.3%

-8.2%

7.7%

San Luis Obispo

$605,000

$565,000

$556,000

7.1%

8.8%

-21.9%

-4.3%

Santa Barbara

$755,000

$567,000

$844,000

33.2%

-10.5%

1.3%

16.7%

Santa Cruz

$800,000

$790,000

$799,000

1.3%

0.1%

-23.5%

-9.3%

Central Valley

Fresno

$265,000

$245,450

r

$230,000

8.0%

15.2%

4.0%

5.7%

Glenn

$219,600

$228,500

$181,500

-3.9%

21.0%

-31.3%

-8.3%

Kern

$237,000

$225,500

$218,000

5.1%

8.7%

3.4%

4.2%

Kings

$215,000

$238,000

$222,500

-9.7%

-3.4%

-11.1%

-17.9%

Madera

$255,000

$275,000

$230,000

-7.3%

10.9%

17.6%

-55.6%

Merced

$267,850

$257,000

$231,000

4.2%

16.0%

2.8%

31.0%

Placer

$472,370

$446,000

$435,000

5.9%

8.6%

-0.6%

0.0%

Sacramento

$350,000

$350,000

$324,900

0.0%

7.7%

0.4%

11.4%

San Benito

$545,000

$555,000

$517,500

-1.8%

5.3%

-18.6%

-7.9%

San Joaquin

$365,000

$350,000

$314,730

4.3%

16.0%

-4.8%

9.4%

Stanislaus

$300,000

$295,000

$270,500

1.7%

10.9%

-5.9%

-4.5%

Tulare

$225,000

$215,730

$216,500

4.3%

3.9%

-0.4%

3.5%

Other Calif. Counties

Amador

$318,500

$330,000

$265,000

-3.5%

20.2%

15.2%

65.2%

Butte

$297,000

$314,750

$290,000

-5.6%

2.4%

0.0%

-6.1%

Calaveras

$311,500

$306,500

$294,500

1.6%

5.8%

7.5%

22.9%

Del Norte

$216,500

$198,500

$265,000

9.1%

-18.3%

-10.0%

28.6%

El Dorado

$468,000

$480,000

$419,500

-2.5%

11.6%

-5.0%

24.3%

Humboldt

$291,700

$300,000

$297,500

-2.8%

-1.9%

-7.0%

17.6%

Lake

$234,500

$279,000

$230,000

-15.9%

2.0%

-7.4%

8.7%

Lassen

$280,000

$217,750

$171,000

28.6%

63.7%

-35.0%

44.4%

Mariposa

$357,000

$276,500

$335,000

29.1%

6.6%

37.5%

-26.7%

Mendocino

$420,000

$425,000

$381,500

-1.2%

10.1%

-26.3%

-9.7%

Mono

$830,000

$480,000

$520,880

72.9%

59.3%

80.0%

50.0%

Nevada

$400,000

$382,000

$390,000

4.7%

2.6%

33.3%

28.0%

Plumas

$261,500

$265,950

$210,000

-1.7%

24.5%

-30.0%

16.7%

Shasta

$255,000

$249,000

$235,000

2.4%

8.5%

-2.6%

7.4%

Siskiyou

$200,000

$193,000

$240,000

3.6%

-16.7%

-17.5%

43.5%

Sutter

$283,500

$284,200

$269,120

-0.2%

5.3%

8.3%

69.6%

Tehama

$189,000

$227,500

$225,000

-16.9%

-16.0%

3.1%

73.7%

Tuolumne

$274,000

$265,000

$287,500

3.4%

-4.7%

-25.5%

-14.6%

Yolo

$397,500

$383,000

$372,000

3.8%

6.9%

6.2%

-4.4%

Yuba

$269,000

$265,360

$256,500

1.4%

4.9%

5.2%

-11.6%

My First Home The Book