California State and Regional Home Sales in August 2016

The August median home price for a California single family home was up to $526,000 in August, an increase from $498,000 in August 2015.

For the Southern California Region, the median home price was $496,000, an increase of over 6 percent from the same time last year.

The median single family home sales price in Long Beach was $546,750 (per CRMLS data), an increase from $537,000 last year.  The Long Beach months supply of inventory increased about 7% from last year to about 3 months of inventory.

As discussed at yesterday's Economics Panel the the California Association of Realtors Expo being held in Long Beach, 3 months of inventory appears to be the "new normal" (compared to 6 months in past years).  This ongoing level of inventory involves numerous factors, one of which is that owners are staying in their homes about 13 years (compared to 5-7 years in the past).