State sees slight home price increase |
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Thu, 18 Jan 2007 07:25
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LOS ANGELES (AFX) - The median price of a home in California increased slightly to $474,000 in December, while sales for the month fell to their slowest pace in 10 years, a real estate research firm said Wednesday.The statewide median home price reflected a 3.5 percent jump from $458,000 a year ago, and a 1.1 percent climb from the November figure, according to San Diego-based DataQuick Information Systems.Six of the state's 15 most-populous counties saw annual price declines.The biggest percentage drop occurred in San Diego County, where the median home price fell 6.4 percent to $483,000 from the year-ago period.Sonoma County saw a 6.3 percent drop to $523,000; Ventura County posted a 5.9 percent decline to $593,000; Solano County saw a 5.1 percent drop to $449,000; San Mateo County registered a 1.2 percent decline to $730,000; and Contra Costa County saw a 0.2 percent drop to $572,000.In all, 41,100 houses and condominiums were sold statewide, down 22.2 percent from December of 2005 and up 4.8 percent from November. The last time fewer homes were sold in December was 1996, when 33,591 homes changed hands, the firm said.'Clearly, sales have slowed in the most high-end markets,' said DataQuick analyst John Karevoll. 'The more expensive homes are not appreciating.'Entry-level homes have seen stronger appreciation and sales, he said.Home appreciation was mixed across the state.Among the state's biggest real estate markets, Los Angeles County posted the largest annual median price jump -- a 6.5 percent hike to $522,000. Riverside County saw a 5.1 percent increase to $432,000.San Francisco County had the biggest median price jump in the nine-county Northern California region, increasing 3.6 percent to $753,000.Median home prices also rose in San Bernardino, Santa Clara, Orange, Napa and Alameda counties.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Growth in property prices on a downward trend 