Home prices in Calif. Hit new milestone

Home prices in Calif. Hit new milestone

Home prices in Calif. Hit new milestone
The median price of a home in California is now more than $700,000 according to a new report. This is the second consecutive month prices have surpassed that amount, reaching $712,430 as of September. This is a 0.8 percent increase from August’s $706,900 and up a whopping 17.6 percent from last year. This latest data comes from the California Association of Realtors.

The annual increase in home prices in the state is the biggest year-over-year gain recorded since February 2014. In San Diego, the median home price topped $735,000, up from $636,750 last year.

As prices shatter their previous record month after month in California, the time homes are sitting on the market is shortening. It took just 11 days on average to sell a single-family home in September – the shortest period ever recorded.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.