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| Median Price of a Home in California Increases 22 Percent in March, Sales Up 4 Percent, C.A.R. Reports |
LOS ANGELES, April 27 /PRNewswire/ -- The median price of an existing home
in California in March increased 22 percent and sales increased 4 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 continued its run of double-digit price
increases last month as buyers scrambled to purchase homes amid concerns of
rising mortgage interest rates," said C.A.R. President Ann Pettijohn. "This
unprecedented demand helped push the median price of a home in many regions in
the state to record highs in March. And at $428,280, the median price for the
state also hit a record high in March compared to $351,130 just one year ago."
The median price of a home in the Central Valley, High Desert, Monterey,
Monterey County, Northern California, Northern Wine, Orange County,
Riverside/San Bernardino, Sacramento, San Diego, Santa Clara, Santa Cruz,
North Santa Barbara County and Santa Barbara South Coast regions posted record
highs in March, according to C.A.R.
Closed escrow sales of existing, single-family detached homes in
California totaled 590,220 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 increased
4 percent from the 567,610 sales pace recorded in March 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 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 2004 was $428,280, a 22 percent increase over the revised
$351,130 median for March 2003, C.A.R. reported. The March 2004 median price
increased 8.4 percent compared to a revised $395,060 median price in February.
"Year-to-date sales are up 4.4 percent compared to the same period last
year," said Leslie Appleton-Young, C.A.R.'s vice president and chief
economist. "Along with the median price of a home, the inventory of homes for
sale reached an all-time historic low of 1.6 months in March, while time on
the market stood at a record low of 26 days."
Highlights of C.A.R.'s resale housing figures for March 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in March 2004 was 1.6 months, compared to 2.7 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 5.45 percent during
March 2004, down from 5.75 percent in March 2003, according to Freddie
Mac. Adjustable mortgage interest rates averaged 3.41 percent in
March 2003 compared to 3.76 percent in March 2003.
* The median number of days it took to sell a single-family home was
26 days in March 2004, compared to 30 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, 97.4 percent or 376 of 386 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. Tables listing
median home prices in California cities and counties are accessible through
C.A.R. Online at http://www.car.org/index.php?id=MzM1MTM. (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 March 2004 were: Beverly Hills,
$1,500,000; Manhattan Beach, $1,404,250; Los Altos, $1,300,000;
Calabasas, $1,120,000; Palos Verdes Estates, $1,100,000; Laguna Beach,
$1,087,500; Saratoga, $1,038,000; Malibu, $1,005,250; Los Gatos,
$1,003,000; Newport Beach, $975,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in March 2004 compared to the same period a year ago
were: Beverly Hills, 74.9 percent; Culver City, 62.8 percent;
Calabasas, 60.2 percent; Los Gatos, 56.2 percent; Perris, 55.3
percent; Beaumont, 52.5 percent; Palm Springs, 51.0 percent;
Claremont, 50.1 percent; Manhattan Beach, 49.8 percent; Lake Forest,
49.6 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.
March 2004 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Median Percent Percent Percent Percent
Price Change Change Change Change
in Price in Price in Sales in Sales
from from from from
Prior Prior Prior Prior
Month Year Month Year
Mar-04 Feb-04 Mar-03 Feb-04 Mar-03
Statewide
Calif. (sf) $428,280 8.4% 22.0% 0.2% 4.0%
Calif. (condo) $333,620 3.1% 25.8% 41.3% 20.1%
C.A.R. REGION
Central Valley $253,470 3.0% 20.6% 40.5% 27.9%
High Desert $192,270 5.0% 34.7% 39.3% 28.6%
Los Angeles $385,090 -1.3% 25.4% 43.1% 0.3%
Monterey Region $575,550 11.6% 25.9% 45.4% 22.5%
Monterey County $509,000 8.0% 25.7% 27.7% 9.3%
Santa Cruz County $606,250 8.3% 16.0% 74.0% 40.7%
Northern California $325,560 7.1% 23.6% 82.7% 33.2%
Northern Wine Country $472,530 4.9% 20.0% 63.7% 17.7%
Orange County $605,560 6.3% 34.8% 45.6% -0.5%
Palm Springs/
Lower Desert na na na na na
Riverside/
San Bernardino $274,660 7.9% 38.9% 12.9% 14.6%
Sacramento $287,180 3.6% 23.0% 44.6% 18.2%
San Diego $494,020 3.0% 25.2% 38.1% 17.3%
San Francisco Bay na na na na na
San Luis Obispo $387,120 -12.8% 8.3% 85.3% 19.4%
Santa Barbara County $475,000 14.3% 8.0% 47.4% 37.7%
Santa Barbara South
Coast $999,000 5.7% 17.5% 33.7% 32.1%
North Santa Barbara
County $352,270 1.4% 23.7% 34.3% 43.9%
Santa Clara $625,000 10.4% 14.7% 62.5% 49.1%
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
Median Prices By Region -- Current Month vs. Year Ago
Mar-04 Feb-04 Mar-03
Statewide
Calif. (sf) $428,280 $395,060r $351,130r
Calif. (condo) $333,620 $323,530r $265,220r
C.A.R. REGION
Central Valley $253,470 $245,990r $210,250r
High Desert $192,270 $183,200 $142,710
Los Angeles $385,090 $390,100r $307,210r
Monterey Region $575,550 $515,780 $457,140
Monterey County $509,000 $471,500 $405,000
Santa Cruz County $606,250 $560,000 $522,500
Northern California $325,560 $303,900r $263,500
Northern Wine Country $472,530 $450,360 $393,690
Orange County $605,560 $569,760 $449,100
Palm Springs/Lower Desert na na $271,350
Riverside/San Bernardino $274,660 $254,570r $197,690
Sacramento $287,180 $277,300r $233,450r
San Diego $494,020 $479,540 $394,490
San Francisco Bay na na $536,260
San Luis Obispo $387,120 $444,190 $357,380
Santa Barbara County $475,000 $415,620r $440,000r
Santa Barbara South Coast $999,000 $945,000 $850,000r
North Santa Barbara County $352,270 $347,320r $284,690
Santa Clara $625,000 $566,200 $545,000
Ventura na $528,650 $412,000r
na -- not available
r -- revised
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
