California Median Price Up, Sales Volume Not

Fulfilling the general anticipation of a slowing increase in price appreciation, California's median home price, according to California Association of Realtors, reached an all-time high in August, 2006, of $576,360, a 1.6% increase over August, 2005. August 2006 price increased 1.7% over July, 2006. The homes are on the market 90 days or longer has quadrupled compared to last year, and sales volume has dropped 30.1% compared to last year. Home prices in specific areas however increased by as much as 46% (Ladera Ranch) compared to a year ago. Manhattan Beach has the greatest median home price ($1,850,000), with Santa Barbara, once the highest median price in the state, trailing 10th at $1,107,000. The statewide appreciation was anticipated for all of 2006 to be 5-6%.