The median price of an existing, single-family detached home in California during May 2005 was $522,590, a 12.8 percent increase over the revised $463,320 median for May 2004, C.A.R. recently reported. The May 2005 median price increased 2.5 percent compared with April’s revised $509,630 median price.
“The California housing market passed an important threshold in April, when the median price rose above $500,000 for the first time,” said C.A.R. President Jim Hamilton. “This trend continued in May, with the median price approaching $525,000. At these prices, eroding affordability and concerns about rising interest rates are constraining sales.”
Closed escrow sales of existing, single-family detached homes in California totaled 618,920 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTORÂ® associations statewide. Statewide home resale activity decreased 2.1 percent from the 632,380 sales pace recorded in May 2004.