LAKE COUNTY, Calif. – The latest report from the California Association of Realtors shows that median home prices and sales for California are increasing, but Lake's median price now is the lowest in the state.

 

The report, based on information the association collects from more than 90 Realtor associations and multiple listing services statewide, showed that closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 514,090 units in March.

 

That amounted to a 3.1-percent month-over-month sales increase, and 1.5-percent over March 2010, the report showed. The association said those numbers aligned with its expectations.

 

“For the first time in many months, we are seeing a genuine improvement in the overall economy, especially with respect to jobs,” said association President Beth L. Peerce. “However, while interest rates and current home prices are favorable, uncertainty about whether the economy has stabilized, concerns about inflation, and an unresolved state budget have created hesitation among buyers.”

 

The statewide median price of an existing, single-family detached home sold in California increased 5.4 percent in March compared with February to $286,010, but declined 4.9 percent compared with March 2010’s median price of $300,900.

 

The decline from the March 2010 numbers can be attributed partly to an increase in distressed sales in recent months, and to last year’s federal home buyer tax credit, which pushed both sales and home prices higher, according to California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young.

 

In Lake County, the report showed that the median home price was $94,170 in March, down from $123,330 in February, a decrease of 23.6 percent, which also constituted the biggest month-over-month value drop in the state for March.

 

Home prices have dropped 39.2 percent since March 2010, when the median home prices was $155,000, based on the statistics. That 39.2-percent drop also was the largest year-over-year change among the state's counties.

 

The next county closest in home price was Siskiyou, with a February median home price of $112,500, the report stated.

 

Marin County had the highest median price statewide, $826,700, a 30.7-percent increase over February's median home price of $632,580 and 4.6 percent above the $790,620 median price reported in March 2010.

 

Tehama had the highest month-over-month increase, 50 percent, with the February median home price of $83,330 jumping to $125,000.

 

Lake's unsold inventory index, which calculates how many months it would take to deplete the supply of home son the market, was 7.7 percent in March, down from 8.4 in February but up from 6.9 in March 2010.

 

Some good news – homes were selling faster in Lake County in March. The median time on the market was 83.9 days, down from 112.8 days in February and also down from 94.3 days in March 2010.

 

In other findings, the report also showed that the Unsold Inventory Index for existing, single-family detached homes was 5.3 months in March, down from 7.3 months in February 2011, but up compared with March 2010’s 4.8-month supply.

 

The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

 

Thirty-year fixed-mortgage interest rates averaged 4.84 percent during March 2011, compared with 4.97 percent in March 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.22 percent in March 2011, compared with 4.20 percent in March 2010.

 

The median number of days it took to sell a single-family home was 56.7 days in March 2011, compared with 37 days for the same period a year ago, the association reported.

 

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