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Median Home Price Rises 3.2% in 1 Month

Median single-family home prices go up from July to August, reports California Association of Realtors. Prices climb even greater percentage for year to year. Guess what that number is?

The median price of a single-family home in Los Angeles County rose by 3.2 percent last month compared to July, mirroring a climb in median prices statewide, the California Association of Realtors announced Monday.

The median home price countywide was $344,770 in August, compared to $334,190 in July, according to CAR.

On a year-to-year level, prices were 10.2 percent higher. In August 2011, the median price of a single-family dwelling was $312,900, according to CAR.

In Orange County, home prices rose 3 percent between July and August, reaching a median of $567,710. That was 11.6 percent higher than August 2011, when the median was $508,910.

Statewide, the median price was $343,820 last month, compared to $333,860 in July -- a 3 percent bump. The year-over-year increase was 15.5 percent. In August 2011, the median price of a single-family unit in California was $297,660.

It's the sixth straight month that median home prices have risen across the state, according to CAR. The median represents the point at which half of homes sell above a price, and the other half below it.

"The median price is gaining in part because of a shift in the mix of what is selling," said CAR Chief Economist Leslie Appleton-Young. "The increasing share of sales in higher-priced coastal markets at the expense of the inventory-scare distressed markets has been the primary factor in fueling the statewide median price.

"While higher-priced markets with a robust economy are experiencing a strong demand in equity sales and posting double-digit year-over-year price increases, sales in lower-priced markets that rely more on distressed properties were stagnant or even declined, as the inventory of (bank-owned) properties continues to wane."

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