11/28/2005

California Median Home Price Drop

The California median home price decreased 2.8 percent compared with the same period a year ago. Now at $538,770 for October, 2005, it has decreased 1 percent from September's $543,980 price. Overall, year-to-date sales were 3.1% above last year's level. The current inventory index is 4 months--compared to last year's 3 months at the same time. Interest rates are over 6%, compared to last year's at 5.72% for the 30-year fixed mortgage rate. It's taking slightly longer to sell a home compared to last year, and time periods vary by neighborhood and region.

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