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| Median Price Posts 17.9 Percent Gain in Fourth Quarter, 17.9 Percent Gain For 2003; Sales Post 12.1 Percent Gain in Fourth Quarter, 5.1 Percent Gain For 2003, C.A.R. Reports |
LOS ANGELES, Feb. 12 /PRNewswire/ -- The median price of an existing,
single-family detached home in California hit a new record during the fourth
quarter of 2003, rising 17.9 percent to $391,680, the California Association
of REALTORS(R) (C.A.R.) reported today. For the year as a whole, the median
price of an existing, single-family detached home was a new annual record at
$372,720, a 17.9 percent increase compared to 2002.
Closed escrow sales of existing, single-family detached homes in
California amounted to 633,650 for the fourth quarter of 2003 at a seasonally
adjusted annualized rate, a 12.1 percent increase from 565,050 in the fourth
quarter of 2002. Sales for all of 2003 increased 5.1 percent to 601,770
compared to 2002, when sales were 572,550.
"Sales in the fourth quarter were unseasonably strong this year," said
C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "It's a
testament to the role lower interest rates played in the real estate market,
and the expectation that they will rise in 2004."
"The median price of a home also surged in the fourth quarter, reaching
record highs in every region in the state," she said.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes
for the fourth quarter of 2003 was 1.98 months, compared to a revised
2.5 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 5.92 percent during the
fourth quarter of 2003, down from 6.07 percent in the fourth quarter of 2002,
according to the Federal Home Loan Mortgage Corp. Adjustable mortgage
interest rates averaged 3.75 percent in the fourth quarter of 2003, down from
4.18 percent in the fourth quarter of 2002.
The median number of days it took to sell a single-family home was 27 days
in the fourth quarter of 2003, compared to a revised 27 days for the same
period a year ago.
In a separate report covering more localized statistics generated by
C.A.R. and DataQuick Information Systems, 96 percent or 432 of 450 cities and
communities showed an increase in their respective median home prices in the
fourth quarter of 2003 compared to 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=MzMzMzU .
* Statewide, the 10 cities and communities with the highest median home
prices in California during the fourth quarter of 2003 were: Los
Altos, $1,175,000; Laguna Beach, $1,060,000; Malibu, $1,060,000; Palos
Verdes Estates, $1,015,000; Manhattan Beach, $1,014,500; Beverly
Hills, $1,005,000; Burlingame, $938,000; Del Mar, $920,000; Saratoga,
$905,000; Carmel, $890,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in the fourth quarter of 2003 compared to the same
period a year ago were: Westlake Village, 58.8 percent; Sierra Madre,
56.7 percent; Fairfax, 49.3 percent; Sanger, 45 percent; Highland,
42.2 percent; Hermosa Beach, 40.4 percent; El Segundo, 37.8 percent;
Perris, 37.5 percent; Desert Hot Springs, 35.9 percent; Reedley,
35.3 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
115,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change in Change in Change in Change in
Price Price Sales Sales
from from from from
Median Prior Prior Prior Prior
Price Quarter Year Quarter Year
2003 Q4 Q4/2003 Q3/2003 Q4/2002 Q3/2003 Q4/2002
Statewide
Calif. (sf) $391,680 1.2% 17.9% 1.5% 12.1%
Calif. (condo) $297,340 2.1% 17.8% -12.1% 16.1%
Region
Central Valley $235,040 1.6% 16.1% -5.8% 17.3%
High Desert $170,910 4.6% 23.4% -3.3% -13.5%
Los Angeles $382,150 4.6% 24.5% -13.6% 4.6%
Monterey $495,470 -2.7% 10.3% -6.4% 19.7%
Nor. Calif. $299,540 1.7% 21.1% -12.6% 10.1%
Nor. Wine Country $440,260 1.2% 16.1% -14.9% 3.5%
Orange County $526,770 3.1% 21.2% -22.7% 2.5%
Palm Springs/
Lower Desert $268,300 2.7% 15.3% -5.4% 27.1%
Riverside/S.B. $239,430 4.6% 28.9% -3.0% 12.8%
Sacramento $262,210 3.7% 16.5% -9.1% 7.8%
San Diego $456,710 4.6% 20.4% -22.4% 6.7%
San Francisco Bay $574,280 1.3% 11.2% -14.9% 20.0%
San Luis Obispo $395,660 3.0% 15.4% 1.0% 22.4%
Santa Barbara
County $389,430 -16.9% 1.9% -19.0% 5.3%
Santa Barbara
South Coast $894,070 -0.5% 14.5% -31.6% 3.3%
North Santa
Barbara County $329,120 1.0% 16.5% -7.6% 12.5%
Santa Clara $564,380 -0.1% 5.3% -12.5% 33.5%
Ventura $478,150 0.1% 21.7% -18.6% 0.7%
* Based on closed escrow sales of single-family, detached homes only (no
condos). Reported 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)
Regional Sales Data and Condo Sales Data Not Seasonally
Adjusted
Percent Percent
Change in Change in
Median Price from Sales from
Price Prior Year Prior Year
2003 2003 2002 2002
Statewide
Calif. (sf) $372,720 17.9% 5.1%
Calif. (condo) $283,310 16.6% 5.9%
Region
Central Valley $224,830 18.8% 9.7%
High Desert $157,300 21.4% 10.6%
Los Angeles $354,740 22.3% 4.0%
Monterey $491,600 8.9% 5.7%
Nor. Calif. $283,990 20.0% 4.8%
Nor. Wine Country $425,490 13.6% -1.0%
Orange County $487,020 18.0% 4.7%
Palm Springs/Lower Desert $262,140 17.3% 18.2%
Riverside/S.B. $220,940 25.2% 6.7%
Sacramento $247,630 17.8% 5.2%
San Diego $424,880 16.6% 6.6%
San Francisco Bay $558,100 7.9% 7.1%
San Luis Obispo $381,750 16.8% -1.0%
Santa Barbara County $402,740 7.0% -6.0%
Santa Clara $556,470 1.6% 7.1%
Ventura $462,520 24.2% -2.7%
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
