Buying
Historical Median Sales Values
No one can put a price on the intrinsic value of homeownership. Home prices also reflect financial worth and despite the sharp decline in recent home prices across California, the median sales value for a single-family home has been consistently rising for many decades. Historical data suggest home prices will continue to appreciate over longer periods of time. In short, housing remains a solid, long-term financial investment.
The forecasted median home price for a single-family home in California in 2009, for example, is $248,000, which would be on par with levels last seen in 2001.
Median Home Values
| Year | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|---|---|---|
| Calif. | $248,000* | $346,400 | $560,300 | $556,400 | $522,700 | $450,800 | $371,500 | $316,100 | $262,400 |
| Year | 2000 | 1990 | 1980 | 1970 | 1960 | 1950 | 1940 | 1930 | 1920 |
| Calif. | $211,500 | $195,500 | $84,500 | $23,100 | $15,100 | $9,564 | $3,527 | na | na |
Source: CAR / US Census. *Forecasted.
