|
|
| Median Price Up 15.3 Percent in March, Sales Decline 3.2 Percent, C.A.R. Reports |
LOS ANGELES, April 25 /PRNewswire/ -- The median price of an existing home
in California in March increased 15.3 percent and sales decreased 3.2 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 has posted double-digit gains
every month for the last 16 months and hit a new record of $352,780 in March,"
said C.A.R. President Toby Bradley. "While consumers remain concerned about
the general direction of the economy, buying a home continues to be a safe
haven for California families."
Closed escrow sales of existing, single-family detached homes in
California totaled 567,610 in March 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 decreased
3.2 percent from the 586,230 sales pace recorded in March 2002.
"Year-to-date sales have declined 3.5 percent compared to last year's
record sales pace, in line with our expectations," said C.A.R. Vice President
and Chief Economist Leslie Appleton-Young.
The statewide sales figure represents what the total number of homes sold
during 2003 would be if sales maintained the March 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 March 2003 was $352,780, a 15.3 percent increase over the revised
$305,840 median for March 2002, C.A.R. reported. The March 2003 median price
increased 7.8 percent compared to February 2003's revised $327,120 median
price.
Highlights of C.A.R.'s resale housing figures for March 2003:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in March 2003 was 2.8 months, compared to 2.1 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 5.75 percent during
March 2003, down from 7.07 percent in March 2002, according to the
Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates
averaged 3.76 percent in March 2003 compared to 5.09 percent in
March 2002.
* The median number of days it took to sell a single-family home was
28 days in March 2003, unchanged from a revised 28 days 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, 92 percent or 370 of 402 California
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=MzE4OTc=
* Statewide, the 10 cities and communities with the highest median home
prices in California during March 2003 were: Pacific Palisades,
$1,187,500; Manhattan Beach, $937,500; Burlingame, $881,000; Malibu
$865,000; Beverly Hills, $857,500; Orinda, $820,000; Coronado, $795,000;
Laguna Beach, $795,000; Carmel, $742,500; Lafayette, $740,500.
* Statewide, the 10 cities and communities with the greatest median home
price increases in March 2003 compared to the same period a year ago
were: Yucaipa, 59.1 percent; Arroyo Grande, 54.7 percent; Lompoc,
46.7 percent; Upland, 41.6 percent; Benicia, 40.6 percent; Montclair,
38.6 percent; Patterson, 37.8 percent; El Monte, 36.5 percent; Castaic,
36.0 percent; Big Bear Lake, 35.7 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.
MARCH 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent
Change in Change Percent
Percent Price in Sales Change in
Change in from from Sales from
Median Price from Prior Prior Prior
March-03 Price Prior Month Year Month Year
Mar-03 Feb-03 Mar-02 Feb-03 Mar-02
Statewide
Calif. (sf) $352,780 7.8% 15.3% 0.1% -3.2%
Calif. (condo) $265,440 0.9% 12.7% 38.7% -9.4%
Region
Central Valley $208,430 1.6% 20.4% 21.9% -7.6%
High Desert $142,710 0.7% 21.0% 16.0% 2.0%
Los Angeles $309,380 0.8% 15.9% 39.0% 1.3%
Monterey
Region $457,140 -2.5% 5.5% 49.8% -7.0%
Monterey County $405,000 5.7% 10.5% 81.5% -5.6%
Santa Cruz
County $522,500 -0.5% 5.1% 24.6% -10.5%
Northern
California $263,500 7.0% 19.2% 36.4% -3.0%
Northern Wine
Country $393,690 1.1% 9.9% 34.0% -16.7%
Orange County $449,100 -0.1% 18.3% 53.9% -5.4%
Palm Springs/
Lower Desert $271,350 10.5% 23.8% 31.1% 10.8%
Riverside/
San Bernardino $197,690 0.9% 15.8% 24.3% 0.7%
Sacramento $234,250 2.2% 25.1% 15.8% -17.7%
San Diego $394,490 2.4% 16.6% 30.0% -11.7%
San Francisco
Bay $536,260 7.8% 5.7% 41.5% -16.9%
San Luis Obispo $357,380 -1.2% 12.5% 20.8% 0.0%
Santa Barbara
County $382,000 -3.8% 12.6% 1.2% -42.2%
Santa Barbara
South Coast $859,000 16.1% 48.8% -2.7% -55.8%
North Santa
Barbara County $284,690 -3.9% 20.3% 4.3% -25.2%
Santa Clara $545,000 1.9% 1.9% 38.4% -28.9%
Ventura n.a n.a n.a n.a n.a
*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
Mar-03 Feb-03 Mar-02
Statewide
Calif. (sf) $352,780 $327,123 r $305,838
Calif. (condo) $265,440 $263,120 r $235,470
Region
Central Valley $208,430 $205,060 r $173,150
High Desert $142,710 $141,690 $117,920
Los Angeles $309,380 $306,980 $266,830
Monterey Region $457,140 $468,750 $433,330
Monterey County $405,000 $383,000 $366,617
Santa Cruz County $522,500 $525,000 $497,000
Northern California $263,500 $246,170 r $220,970
Northern Wine Country $393,690 $389,280 $358,210
Orange County $449,100 $449,540 $379,760
Palm Springs/Lower Desert $271,350 $245,550 $219,230
Riverside/San Bernardino $197,690 $195,980 $170,670
Sacramento $234,250 $229,280 r $187,200
San Diego $394,490 $385,170 $338,410
San Francisco Bay $536,260 $497,410 $507,530
San Luis Obispo $357,380 $361,610 $317,650
Santa Barbara County $382,000 $397,140 $339,130
Santa Barbara South Coast $859,000 $740,000 $577,430
North Santa Barbara County $284,690 $296,150 $236,610
Santa Clara $545,000 $535,000 $535,000
Ventura n.a $397,260 $336,340
r - revised
Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Media, Mark Giberson of California
Association of REALTORS, +1-213-739-8304, markg@car.org
