The median price paid for a home in California in January was $290,000, which represents a 22.9 percent increase from January 2012.
Home prices turned the corner at the beginning of last year and have now shown gains for 11 consecutive months on a year-over-year basis, according to the latest report from DataQuick. The 22.9 percent increase last month was the biggest gain since the median price also rose 22.9 percent year-over-year in January 2005.
Last month there were an estimated 28,871 new and resale houses and condos sold statewide,which also marked a year-over-year increase. In January 2012, 28,811 homes were sold with a median price of $236,000.
As for short sales and sales of foreclosed homes, they both saw decreases on a year-over-year basis.
According to the report, 18.7 percent of properties sold last month had been foreclosed on during the past year. That was down from 34.3 percent in January 2012.
The number of short sales made up an estimated 26.1 percent of homes that resold in California in January, a fall from 27 percent a year earlier.
DataQuick also extrapolated the typical mortgage payment in California. According to the report, homebuyers statewide last month committed themselves to paying an average of $1,3030. That’s a significant increase from last year’s typical mortgage payment of $906 and is also from December’s average of $1,054.