Business & Real Estate

Median sales price of California homes and condos up 9 percent over November 2013

The median sales price of California residential properties – including sales of distressed properties –was $375,000 in November, down 1 percent from October but a 9 percent spike over November 2013, according to Irvine-based RealtyTrac.

Four California metro areas were among the top 10 nationwide in percentage of short sales/distressed residential property sales in November: Stockton (No. 2 with 27.6 percent), Modesto (No. 5, 25.1 percent), Bakersfield (No. 6, 24.3 percent) and Riverside/San Bernardino/Ontario (No. 9, 22.7 percent).

Significantly, however, all four areas saw year-over-year decreases in short sales and sales of distressed properties.

That reflected a national trend. RealtyTrac said the two categories combined accounted for 12.6 percent of all U.S. residential property sales in November, down from 14.8 percent in November 2013.

RealtyTrac said the median sales price of U.S. single-family homes and condos in November was $190,000, up 15 percent over the same month in 2013. The median sales price of distressed homes – those in the foreclosure process or bank-owned – was $128,625, the highest since December 2009.

“As the price of distressed properties reaches a new high, the pool of investor activity that has been fueling the housing recovery may dry up,” Daren Blomquist, RealtyTrac vice president, said in a statement accompanying the release of November figures.

Call The Bee’s Mark Glover, (916) 321-1184.