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 June 22, 2009

Median Home Price Shows Increase for Two Months
For the past two consecutive months, the median price for a home in the state of California increased. This is the first time this has occurred in almost a two year period. In March of this year, the median price of a detached home (existing) stood at just over $253,000. In April the price was reported at nearly $257,000. These prices continue to show a dramatic decrease over 2008 when the median price was nearly $450,000.
Speculation as to whether or not home prices have hit bottom. Prospective buyers should be aware that foreclosures have yet to peak across the state and continue to have adverse effects on the neighborhoods where they occur. Savvy buyers will look for bargains along with a great interest rate. Both must be considered when entering the market and looking to obtain the best deal.

Buyers should also take into consideration how the home will best serve their needs for the next 5 to ten years.