[State Board of Equalization] – Prices of existing homes are a major economic indicator, closely associated with trends in California’s assessed property values. According to the California State Board of Equalization’s latest issue of Economic Perspective, in 2015 California median home prices averaged $473,995, which is 85 percent of their 2006 peak value of $560,641.
“The increase in property values is welcome news for homeowners hit hard by the Great Recession,” said BOE Member George Runner. “But as California’s economy continues to recover, if we want to see more homeowners, we’re going to need more homes.”
Los Angeles metro (which includes Los Angeles, Orange, Riverside, San Bernardino, and Ventura counties) median home prices were at 82 percent of 2006 prices, and Inland Empire prices lagged at 76 percent. Median home prices in the San Francisco Bay Area in 2015 stood at 107 percent of 2006 prices (see figure 2).
San Francisco has the highest median price, well over a million dollars ($1,254,784) and 265 percent of the state median ($473,995). Six of the top 10 counties are in the San Francisco Bay Area. At the other end of the spectrum, median prices in 2015 were $164,085 in Siskiyou County, only 35 percent of the state median.
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