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| California Real Estate Sets New Records in December for Sales and Median Price of a Home, C.A.R. Reports |
LOS ANGELES, Jan. 26 /PRNewswire/ -- The median price of an existing home
in California in December increased 19.4 percent and sales increased
11 percent compared to the same period a year ago, the California Association
of REALTORS(R) (C.A.R.) reported today.
"The median price of a home in California topped $400,000 for the second
time in 2003, hitting a record $404,520 last month," said C.A.R. President Ann
Pettijohn. "Demand for homes continued unabated, propelled by mortgage rates
that remained below 6 percent and an extremely low inventory of homes for
sale."
Closed escrow sales of existing, single-family detached homes in
California totaled 637,080 in December at a seasonally adjusted annualized
rate, according to information collected by C.A.R. from more than 90 local
REALTOR(R) associations statewide. Statewide home resale activity increased
11 percent from the 573,790 sales pace recorded in December 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 would be if sales maintained the December pace throughout the
year. It is adjusted to account for seasonal factors that typically influence
home sales.
The median price of an existing, single-family detached home in California
during December 2003 was $404,520, a 19.4 percent increase over the revised
$338,840 median for December 2002, C.A.R. reported. The December 2003 median
price increased 5.1 percent compared to a revised $384,930 median price in
November.
"Overall, year-to-date sales increased 5.1 percent compared to the same
period a year ago," said Leslie Appleton-Young, C.A.R.'s vice president and
chief economist. "Nearly every region in the state posted double-digit
increases in the median price, with the Riverside/San Bernardino region
reporting a gain of more than 32 percent."
Highlights of C.A.R.'s resale housing figures for December 2003:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in December 2003 was 1.8 months, compared to 2.1 months for the
same period a year ago. The index indicates the number of months needed
to deplete the supply of homes on the market at the current sales rate.
* Thirty-year fixed mortgage interest rates averaged 5.88 percent during
December 2003, down from 6.05 percent in December 2002, according to
Freddie Mac. Adjustable mortgage interest rates averaged 3.75 percent
in December 2003 compared to 4.12 percent in December 2002.
* The median number of days it took to sell a single-family home was
27 days in December 2003, compared to 28 days (revised) for the same
period a year ago.
Regional MLS sales and price information is contained in the tables that
accompany this press release. Regional sales data is not adjusted to account
for seasonal factors that can influence home sales. The MLS median price and
sales data for detached homes is generated from a survey of more than
90 associations of REALTORS(R) throughout the state. MLS median price and
sales data for condominiums is based on a survey of more than 60 associations.
The median price for both detached homes and condominiums represents closed
escrow sales.
In a separate report covering more localized statistics generated by
C.A.R. and DataQuick Information Systems, 93.7 percent or 371 of 396 cities
and communities showed an increase in their respective median home prices from
a year ago. DataQuick statistics are based on county records data rather than
MLS information. DataQuick Information Systems is a subsidiary of Vancouver-
based MacDonald Dettwiler and Associates.
Note: Large changes in local median home prices typically indicate both
local home price appreciation, and often, large shifts in the composition of
housing market activity. Some of the variations in median home prices may be
exaggerated due to compositional changes in housing demand. The DataQuick
tables listing median home prices in California cities and counties are
accessible through C.A.R. Online at localized data collected by C.A.R. and
DataQuick at http://www.car.org/index.php?id=MzMyODg .
* Statewide, the 10 cities and communities with the highest median home
prices in California during December 2003 were: Malibu, $1,178,750;
Los Altos, $1,165,000; Manhattan Beach, $1,100,000; Palos Verdes
Estates, $1,065,000; Beverly Hills, $1,062,000; Burlingame, $1,030,000;
Calabasas, $936,000; Laguna Beach, $927,500; Newport Beach, $925,000;
Saratoga, $870,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in December 2003 compared to the same period a year ago
were: Calabasas, 49.8 percent; Malibu, 44.8 percent; Sanger, 44.2
percent; Desert Hot Springs, 43.9 percent; Palm Springs, 41.2 percent;
Perris, 41 percent; Beverly Hills, 39.7 percent; Newport Beach,
37 percent; Chino Hills, 36.7 percent; La Verne, 36.5 percent.
The California Association of REALTORS(R) (http://www.car.org) is one of
the largest state trade organizations in the United States, with more than
135,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
December 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent
Percent Percent Change in Percent
Change in Change in Sales from Change in
Median Price from Price from Prior Sales from
December-03 Price Prior Month Prior Year Month Prior Year
Dec-03 Nov-03 Dec-02 Nov-03 Dec-02
Statewide
Calif. (sf) $404,520 5.1% 19.4% 1.6% 11.0%
Calif. (condo) $305,770 3.0% 20.6% 8.6% 10.8%
Region
Central Valley $240,080 2.3% 17.1% 5.4% 10.2%
High Desert $171,900 -0.4% 23.8% 11.4% 12.1%
Los Angeles $382,140 0.0% 26.8% 6.9% 2.1%
Monterey
Region $513,020 4.8% 17.0% 7.7% 6.5%
Monterey
County $470,000 3.3% 28.8% 8.2% 7.8%
Santa Cruz
County $549,250 3.0% 6.7% 7.1% 7.1%
Northern
California $302,080 1.1% 21.8% 5.7% 9.9%
Northern Wine
Country $448,680 0.8% 18.2% 9.0% -4.3%
Orange County $533,030 1.3% 22.8% 14.9% 5.4%
Palm Springs/
Lower Desert $283,160 11.6% 14.9% 23.0% 26.9%
Riverside/ San
Bernardino $243,320 3.5% 32.1% 20.9% 20.3%
Sacramento $268,920 3.1% 18.5% 11.2% 1.6%
San Diego $466,030 2.5% 22.2% 12.7% 4.7%
San Francisco
Bay $582,320 1.4% 13.6% 14.7% 18.6%
San Luis
Obispo $413,640 7.4% 17.4% 24.9% 58.7%
Santa Barbara
County $397,100 3.4% 6.1% 21.2% 3.5%
Santa Barbara
South Coast $970,000 17.6% 21.3% 30.8% 6.3%
North Santa
Barbara
County $336,230 0.2% 17.1% 11.9% 2.5%
Santa Clara $570,000 1.8% 5.9% 7.7% 28.6%
Ventura $488,690 2.9% 22.0% 17.0% 1.9%
na - not available
*Based on closed escrow sales of single-family, detached homes only (no
condos). Reported month-to-month changes in sales activity may overstate
actual changes because of the small size of individual regional samples.
Movements in sales prices should not be interpreted as measuring changes
in the cost of a standard home. Prices are influenced by changes in cost
and changes in the characteristics and size of homes actually sold.
sf = single-family, detached home
Source: California Association of REALTORS(R)
Median Prices By Region - Current Month vs. Year Ago
Dec-03 Nov-03 Dec-02
Statewide
Calif. (sf) $404,520 $384,930r $338,840r
Calif. (condo) $305,770 $296,810r $253,560
Region
Central Valley $240,080 $234,570r $204,990r
High Desert $171,900 $172,620 $138,880
Los Angeles $382,140 $382,190 $301,280
Monterey Region $513,020 $489,520 $438,500
Monterey County $470,000 $455,000 $365,000
Santa Cruz County $549,250 $533,000 $515,000
Northern California $302,080 $298,920 $248,010
Northern Wine Country $448,680 $444,970 $379,590
Orange County $533,030 $526,270 $433,960
Palm Springs/Lower Desert $283,160 $253,690 $246,430
Riverside/San Bernardino $243,320 $235,150 $184,220
Sacramento $268,920 $260,800r $226,900r
San Diego $466,030 $454,620 $381,440
San Francisco Bay $582,320 $574,340 $512,420
San Luis Obispo $413,640 $385,090 $352,320
Santa Barbara County $397,100 $384,130 $374,280r
Santa Barbara South Coast $970,000 $825,000r $800,000r
North Santa Barbara County $336,230 $335,710 $287,040
Santa Clara $570,000 $560,000 $538,000
Ventura $488,690 $475,000 $400,410r
na - not available
r - revised
Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS
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CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
