3:27pm | California home sales rose in December, reach the highest level since May, according to a California Association of Realtors’ report issued on Friday.
The statewide median price rose from November, but was down from a year ago. However, the median in Long Beach held steady at $285,000 from a year ago.
“December’s sales increase reflects buyers taking advantage of rock bottom interest rates and improved affordability since the first half of the year, when prices were higher,” C.A.R. President Beth L. Peerce said in a statement. “Most of December’s sales opened escrow in October and November. Rates hit their absolute lowest in October but began edging higher in November, prompting buyers to get off the fence.
December’s sales were up 5.9% statewide from November, but were down 6.8% from December 2009.
Following three consecutive monthly declines, the median price of an existing, single-family detached home sold in California rose 1.7% from November but was down 1.6% from the median price recorded for the same period a year ago, according to the housing report.
“While sales rose in December, the sales pace in the second half of the year was lower than the first half as the housing market weaned itself off home buyer tax credits,” CAR Vice President and Chief Economist Leslie Appleton-Young said in a statement. “For 2010 as a whole, sales reached 494,900 homes sold, down 9.5% from the 546,860 homes sold in 2009. However, the statewide median price increased 10.2% to reach $302,900 for the year, up from the $275,000 recorded in 2009,” she said.
Statewide, the 10 cities with the highest median home prices in California during December 2010 were: Beverly Hills, $2.18 million; Los Altos, $1.3 million; Calabasas, $1.175 million; Laguna Beach, $1.1 million; Manhattan Beach, $1.085 million; Newport Beach, $1 million; Santa Monica, $921,000; Cupertino, $904,500; Rancho Palos Verdes, $849,000; Los Gatos, $840,000.
Median prices in Los Angeles County fell 3.4% to $328,500, according to the CAR report. Long Beach area cities that were among the biggest losers in the year-over-year median include: Bellflower (down 11.3% to $305,000); Cerritos (down 21.1% to $466,000); Lakewood (down 5.8% to $360,000); Paramount (down 2.3% to $168,500). Gainers include Compton (17.5% to $185,000) and Downey (2.2% to $368,000).