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| Median Price Posts 20.5 Percent Gain, Sales Up 4.4 Percent in First Quarter, C.A.R. Reports |
LOS ANGELES, May 12 /PRNewswire/ -- The median price of an existing,
single-family detached home in California set a new record during the first
quarter of 2004 rising 20.5 percent to $407,170, the California Association of
REALTORS(R) (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in
California amounted to 598,370 for the first quarter of 2004 at a seasonally
adjusted annualized rate, a 4.4 percent increase from 573,030 in the first
quarter of 2003.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes
for the first quarter of 2004 was 1.6 months, compared to a revised 2.6 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 5.60 percent during the
first quarter of 2004, down from 5.83 percent in the first quarter of 2003,
according to the Federal Home Loan Mortgage Corp. Adjustable mortgage
interest rates averaged 3.53 percent in the first quarter of 2004, down from
3.87 percent in the first quarter of 2003.
The median number of days it took to sell a single-family home was 27 days
in the first quarter of 2004, compared to a revised 30 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, 97.3 percent or 439 of 451 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=MzM1Njg=. (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 the first quarter of 2004 were: Manhattan Beach,
$1,292,0000; Los Altos, $1,257,360; Beverly Hills, $1,250,000; Malibu,
$1,112,500; Burlingame, $1,100,000; Palos Verdes Estates, $1,090,000; Laguna
Beach, $1,087,500; Calabasas, $1,050,000; San Marino, $990,000; Orinda,
$963,500.
-- Statewide, the 10 cities and communities with the greatest median home
price increases in the first quarter of 2004 compared to the same period a
year ago were: Calabasas, 55.6 percent; Beaumont, 47.9 percent; El Segundo,
47.3 percent; Malibu, 45.9 percent; Perris, 44.9 percent; Rancho Santa
Margarita, 43.1 percent; Seaside, 42.8 percent; San Fernando, 42.7 percent;
Inglewood, 42.5 percent; Beverly Hills, 42.5 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
2004 Q1 Percent Percent Percent Percent
Change Change Change Change
in Price in Price in Sales in Sales
from from from from
Median Prior Prior Prior Prior
Price Quarter Year Quarter Year
Q1/2004 Q4/2003 Q1/2003 Q4/2003 Q1/2003
Statewide
Calif. (sf) $407,170 4.2% 20.5% -5.6% 4.4%
Calif. (condo) $313,300 5.5% 19.9% -9.9% 14.2%
C.A.R. Region
Central Valley $245,790 4.5% 18.8% -17.1% 16.5%
High Desert $185,290 8.4% 31.3% -15.1% 14.6%
Los Angeles $387,680 1.8% 25.7% -7.5% -0.5%
Monterey $558,690 12.8% 21.2% -23.1% 18.1%
Nor. Calif. $312,640 4.4% 23.5% -19.8% 13.5%
Nor. Wine Country $458,330 4.1% 16.9% -20.1% 10.0%
Orange County $572,550 8.7% 28.1% -8.8% 5.3%
Palm Springs/
Lower Desert na na na na na
Riverside/
San Bernardino $258,890 8.1% 32.9% -10.1% 14.1%
Sacramento $277,870 6.1% 20.7% -17.3% 8.9%
San Diego $483,040 5.8% 24.1% -8.7% 8.8%
San Francisco Bay $597,260 4.0% 17.3% -23.8% 13.2%
San Luis Obispo $410,150 3.7% 13.2% -20.6% 3.0%
Santa Barbara County $466,380 19.8% 18.0% -5.6% 17.4%
Santa Barbara
South Coast $969,370 12.8% 22.2% 3.9% 25.1%
North Santa Barbara
County $347,240 5.5% 19.7% -13.5% 17.1%
Santa Clara $589,860 4.5% 10.9% -15.4% 29.6%
Ventura $526,720 10.2% 30.2% -21.0% -6.8%
* 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)
Median Prices By Region -- Last Quarter, Prior Quarter,
and Year Ago Quarter
Q1/2004 Q4/2003 Q1/2003
Statewide
California (sf) $407,170 $390,880 r $338,010 r
California (condo) $313,300 $297,000 r $261,260 r
C.A.R. Region
Central Valley $245,790 $235,170 r $206,820 r
High Desert $185,290 $170,910 $141,160 r
Los Angeles $387,680 $380,710 r $308,340 r
Monterey $558,690 $495,470 r $460,960
Northern California $312,640 $299,540 $253,070
Northern Wine Country $458,330 $440,260 $392,230
Orange County $572,550 $526,770 $446,980
Palm Springs/Lwr. Desert na $268,300 $254,620
Riverside/San Bernardino $258,890 $239,430 $194,770
Sacramento $277,870 $261,860 r $230,260 r
San Diego $483,040 $456,710 $389,090
San Francisco Bay $597,260 $574,280 $508,960
San Luis Obispo $410,150 $395,660 $362,350
Santa Barbara County $466,380 $389,430 $395,290 r
Santa Barbara South Coast $969,370 $859,360 r $793,080 r
North Santa Barbara County $347,240 $329,120 $290,080
Santa Clara $589,860 $564,380 $531,880
Ventura $526,720 $478,150 $404,500
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
