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| Median Price of a Home in California Increases 20.7 Percent in January, Sales Up 5.3 Percent, C.A.R. Reports |
LOS ANGELES, Feb. 25 /PRNewswire/ -- The median price of an existing home
in California in January increased 20.7 percent and sales increased 5.3
percent compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"The inventory of homes for sale is nearing a critical juncture," said
C.A.R. President Ann Pettijohn. "In a more balanced market, there is a
seven- to 10-month supply of homes for sale. In January, it was just two
months. As a result, constraints on supply continue to impact both the
availability and affordability of housing options for California families."
Closed escrow sales of existing, single-family detached homes in
California totaled 615,660 in January 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
5.3 percent from the 584,600 sales pace recorded in January 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the January 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 January 2004 was $405,720, a 20.7 percent increase over the revised
$336,210 median for January 2003, C.A.R. reported. The January 2004 median
price increased 0.5 percent compared to a revised $403,570 median price in
December.
"Home sales continued their climb into record territory last month,
hitting their highest level on record for the month of January," said Leslie
Appleton-Young, C.A.R.'s vice president and chief economist. "Demand for
homes continued unabated, with the median price of a home increasing by double
digits for the 26th consecutive month to $405,720."
Highlights of C.A.R.'s resale housing figures for January 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in January 2004 was 2.0 months, compared to 2.8 months (revised)
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 5.71 percent during
January 2004, down from 5.92 percent in January 2003, according to
Freddie Mac. Adjustable mortgage interest rates averaged 3.63 percent
in January 2004 compared to 3.99 percent in January 2003.
* The median number of days it took to sell a single-family home was 27
days in January 2004, compared to 32 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, 95.2 percent or 378 of 397 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=MzMzNjc .
* Statewide, the 10 cities and communities with the highest median home
prices in California during January 2004 were: Malibu, $1,395,000;
Burlingame, $1,175,000; Los Altos, $1,169,500; Beverly Hills,
$1,150,000; Laguna Beach, $1,137,500; Palos Verdes Estates,
$1,100,000; Manhattan Beach, $1,012,500; Calabasas, $995,000; Los
Gatos, $942,500; Saratoga, $886,250.
* Statewide, the 10 cities and communities with the greatest median home
price increases in January 2004 compared to the same period a year ago
were: Malibu, 106.7 percent; La Quinta, 54.1 percent; Oxnard, 53.4
percent; Inglewood, 48.5 percent; Upland, 47.2 percent; Colton, 47.1
percent; Perris, 43.5 percent; Riverbank, 42.7 percent; Arcadia, 41.5
percent; Rancho Santa Margarita, 40.2 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.
January 2004 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change Change Change Change
in Price in Price in Sales in Sales
from from from from
January-04 Median Prior Prior Prior Prior
Price Month Year Month Year
Jan-04 Dec-03 Jan-03 Dec-03 Jan-03
Statewide
Calif. (sf) $ 405,720 0.5% 20.7% -3.4% 5.3%
Calif. (condo) $ 299,840 -1.9% 17.9% -20.3% 7.9%
Region
Central Valley $ 234,650 -2.4% 15.5% -29.6% 1.1%
High Desert $ 178,200 3.7% 28.2% -21.2% 6.4%
Los Angeles $ 390,830 2.3% 27.4% -11.8% 0.2%
Monterey Region $ 571,100 11.3% 24.6% -31.2% 6.0%
Monterey County $ 499,000 6.2% 23.2% -33.5% -9.3%
Santa Cruz County $ 583,750 6.3% 13.3% -28.8% 32.0%
Northern California $ 297,140 -1.6% 21.0% -34.8% 0.7%
Northern Wine Country $ 446,180 -0.6% 13.4% -24.7% 13.4%
Orange County $ 523,380 -1.8% 18.7% -15.6% 13.6%
Palm Springs/Lower
Desert $ 303,030 7.0% 25.2% -10.3% 39.8%
Riverside/San
Bernardino $ 245,090 0.7% 28.5% -26.4% 2.4%
Sacramento $ 263,740 -1.4% 16.0% -34.7% -4.5%
San Diego $ 468,450 0.5% 21.4% -28.1% -3.8%
San Francisco Bay $ 573,700 -1.5% 16.7% -36.5% 0.5%
San Luis Obispo $ 407,320 -1.5% 10.3% -32.7% 9.2%
Santa Barbara County na na na na na
Santa Barbara South
Coast $ 920,000 4.0% 11.8% -15.9% 37.0%
North Santa Barbara
County na na na na na
Santa Clara $ 555,000 -2.6% 8.2% -30.8% 8.0%
Ventura na na na na na
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
Jan-04 Dec-03 Jan-03
Statewide
Calif. (sf) $ 405,720 $ 403,570 r $ 336,210 r
Calif. (condo) $ 299,840 $ 305,600 r $ 254,400 r
Region
Central Valley $ 234,650 $ 240,310 r $ 203,150 r
High Desert $ 178,200 $ 171,900 $ 138,980
Los Angeles $ 390,830 $ 382,140 $ 306,680 r
Monterey Region $ 571,100 $ 513,020 $ 458,330
Monterey County $ 499,000 $ 470,000 $ 405,000
Santa Cruz County $ 583,750 $ 549,250 $ 515,000
Northern California $ 297,140 $ 302,080 $ 245,600
Northern Wine Country $ 446,180 $ 448,680 $ 393,590
Orange County $ 523,380 $ 533,030 $ 440,890 r
Palm Springs/Lower Desert $ 303,030 $ 283,160 $ 242,100
Riverside/San Bernardino $ 245,090 $ 243,320 $ 190,680
Sacramento $ 263,740 $ 267,550 r $ 227,400 r
San Diego $ 468,450 $ 466,030 $ 385,850
San Francisco Bay $ 573,700 $ 582,320 $ 491,650
San Luis Obispo $ 407,320 $ 413,640 $ 369,390
Santa Barbara County na $ 397,100 $ 378,000
Santa Barbara South Coast $ 920,000 $ 885,000 r $ 823,000 r
North Santa Barbara County na $ 336,230 $ 290,790
Santa Clara $ 555,000 $ 570,000 $ 513,000
Ventura na $ 488,690 $ 403,040 r
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
