Bolstered by a surge of sales and a continuing supply shortage, the statewide median price for a single family house in California in May increased to $417,000, up from $403,000 in April, according to a recent report from the California Association of Realtors.
In San Diego County, the median price for a house rose about 24 percent from the prior May to $469,590.
The data cover sales of single family detached houses, and do not include condominium sales.
On a state level, the median price was the largest year over year gain in 33 years, according to CAR.
Sales are happening faster than ever with the median number of days to sell falling to 27 days in May, down from about 46 days for May 2012, CAR said.
While mortgage interest rates remain at historic low levels, they did tick up a bit last month, and averaged 3.54 percent, above April’s median of 3.45 percent. But that interest rate was still lower than the median of 3.8 percent in May 2012, according to CAR.
— SDBJ Staff Report