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| Median Price of a Home in California Increases 20.7 Percent in February, Sales Up 3.9 Percent, C.A.R. Reports |
LOS ANGELES, March 25 /PRNewswire/ -- The median price of an existing home
in California in February increased 20.7 percent and sales increased
3.9 percent compared to the same period a year ago, the California Association
of REALTORS(R) (C.A.R.) reported today.
"While demand for housing gives no indication of slowing down, the
inventory of homes for sale continues to decline," said C.A.R. President Ann
Pettijohn. "This dynamic is a key constraint in the housing market and why
we're experiencing such dramatic price appreciation."
Closed escrow sales of existing, single-family detached homes in
California totaled 589,220 in February 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
3.9 percent from the 566,890 sales pace recorded in February 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the February 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 February 2004 was $394,300, a 20.7 percent increase over the revised
$326,640 median for February 2003, C.A.R. reported. The February 2004 median
price decreased 2.9 percent compared to a revised $406,220 median price in
January.
"While year-to-date sales increased 4.6 percent this year compared to the
first two months of 2003, the declining ability of households to afford a home
is an increasing concern in California, given the dramatic increases in the
median price over the past two years," said Leslie Appleton-Young, C.A.R.'s
vice president and chief economist.
Highlights of C.A.R.'s resale housing figures for February 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in February 2004 was 2.3 months, compared to a revised
3.4 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 5.64 percent during
February 2004, down from 5.84 percent in February 2003, according to
Freddie Mac. Adjustable mortgage interest rates averaged 3.55 percent
in February 2004 compared to 3.86 percent in February 2003.
* The median number of days it took to sell a single-family home was
27 days in February 2004, compared to 34 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, 91.5 percent or 345 of 377 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 generated
from data collected by C.A.R. and DataQuick are accessible through C.A.R.
Online at http://www.car.org/index.php?id=MzM0MzE. (The top 10 lists are
generated for incorporated cities with a minimum of 30 recorded sales in the
month.)
* Statewide, the 10 cities and communities with the highest median home
prices in California during February 2004 were: Manhattan Beach,
$1,334,500; Laguna Beach, $1,085,000; Saratoga, $930,000; Calabasas,
$910,000; Newport Beach, $897,500; Beverly Hills, $890,000; Santa
Barbara, $830,500; Los Gatos, $814,000; Rancho Palos Verdes, $800,000;
Cupertino, $732,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in February 2004 compared to the same period a year
ago were: Seaside, 60.9 percent; Rancho Santa Margarita, 51.2 percent;
Redlands, 50.5 percent; Calabasas, 48.1 percent; Beaumont,
45.5 percent; Hawthorne, 44.5 percent; Laguna Beach, 43.7 percent;
Sonoma, 43.4 percent; Poway, 42.7 percent; Bellflower, 40.9 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.
February 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
Median from Prior from Prior from Prior from Prior
Price Month Year Month Year
Feb-04 Jan-04 Feb-03 Jan-04 Feb-03
Statewide
Calif. (sf) $394,300 -2.9% 20.7% -4.3% 3.9%
Calif. (condo) $315,770 5.4% 20.2% 2.3% 14.0%
Region
Central Valley $245,810 4.5% 19.3% 3.0% 13.8%
High Desert $183,200 2.8% 29.3% -4.8% 7.1%
Los Angeles $390,010 -0.2% 27.1% -14.7% -4.0%
Monterey
Region $515,780 -9.7% 10.0% -0.3% 26.2%
Monterey
County $471,500 -5.5% 23.1% 15.4% 55.4%
Santa Cruz
County $560,000 -4.1% 6.7% -18.6% 0.8%
Northern
California $291,760 -1.8% 18.5% -1.9% -0.6%
Northern Wine
Country $450,360 0.9% 15.7% -13.1% -3.7%
Orange County $569,760 8.9% 26.7% -14.9% 5.2%
Palm Springs/
Lower Desert na na na na na
Riverside/
San
Bernardino $256,810 4.8% 31.0% 21.4% 25.9%
Sacramento $279,470 5.9% 22.1% -3.6% 0.2%
San Diego $479,540 2.4% 24.5% 13.1% 10.4%
San Francisco
Bay na na na na na
San Luis
Obispo $444,190 9.1% 22.8% -18.3% -22.1%
Santa Barbara
County $437,500 na 10.2% na -7.7%
Santa Barbara
South Coast $945,000 2.7% 33.1% -12.0% -14.3%
North Santa
Barbara
County $347,120 na 17.2% na -5.3%
Santa Clara $566,200 2.0% 5.8% 4.2% 26.9%
Ventura $528,650 6.6% 33.1% -20.0% -17.9%
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
Feb-04 Jan-04 Feb-03
Statewide
Calif. (sf) $394,300 $406,220 r $326,640 r
Calif. (condo) $315,770 $299,470 r $262,770 r
Region
Central Valley $245,810 $235,250 r $206,070 r
High Desert $183,200 $178,200 $141,690
Los Angeles $390,010 $390,830 $306,880 r
Monterey Region $515,780 $571,100 $468,750
Monterey County $471,500 $499,000 $383,000
Santa Cruz County $560,000 $583,750 $525,000
Northern California $291,760 $297,140 $246,170
Northern Wine Country $450,360 $446,180 $389,280
Orange County $569,760 $523,380 $449,540
Palm Springs/Lower Desert na $303,030 $245,550
Riverside/San Bernardino $256,810 $245,090 $195,980
Sacramento $279,470 $263,920 r $228,820 r
San Diego $479,540 $468,450 $385,170
San Francisco Bay na $573,700 $497,410
San Luis Obispo $444,190 $407,320 $361,610
Santa Barbara County $437,500 na $397,140
Santa Barbara South Coast $945,000 $920,000 $710,000 r
North Santa Barbara County $347,120 na $296,150
Santa Clara $566,200 $555,000 $535,000
Ventura $528,650 $495,990 r $397,060 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
