|
|
| Median Price Posts 14.3 Percent Gain in First Quarter, Sales Post 3.5 Percent Decline, C.A.R. Reports |
LOS ANGELES, May 14 /PRNewswire/ -- The median price of an existing,
single-family detached home in California hit a new record during the first
quarter of 2003, rising 14.3 percent to $337,780, the California Association
of REALTORS(R) (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in
California amounted to 573,030 for the first quarter of 2003 at a seasonally
adjusted annualized rate, a 3.5 percent decrease from 593,620 in the first
quarter of 2002.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes
for the first quarter of 2003 was 3.2 months, compared to 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 5.83 percent during the
first quarter of 2003, down from 6.97 percent in the first quarter of 2002,
according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest
rates averaged 3.87 percent in the first quarter of 2003, down from 5.08
percent in the first quarter of 2002.
The median number of days it took to sell a single-family home was 31 days
in the first quarter of 2003, compared to 35 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, 96.7 percent or 433 of 448
California cities and communities showed an increase in their respective
median home prices during the first quarter of 2003 compared to the same
period 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=MzE5NTk= .
Among the highlights of the localized first-quarter data collected by
C.A.R. and Real Estate Solutions:
-- The 10 cities and communities with the highest median home prices in
California during the first quarter 2003 were: Belvedere/Tiburon,
$1,120,000; Los Altos, $1,100,000; Saratoga, $1,027,000; Burlingame,
$940,000; Manhattan Beach, $927,500; San Marino, $920,000; Palos
Verdes Estates, $896,000; Beverly Hills, $877,500; Coronado, $862,000;
Laguna Beach, $795,000.
-- The 10 California cities and communities with the largest annual
increase in their respective median home prices during the first
quarter 2003 compared to the same period in 2002 were: Hercules,
49.8 percent; Desert Hot Springs, 47.5 percent; South El Monte,
44.6 percent; Adelanto, 39.1 percent; Lompoc, 37.6 percent; Kerman,
33.9 percent; Yucaipa, 33.3 percent; Grover Beach, 33.3 percent; Lodi,
32.3 percent; Santee, 32.3 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
Percent Percent Percent Percent
Change Change Change Change
in in in in
Price Price Sales Sales
from from from from
Median Prior Prior Prior Prior
Price Quarter Year Quarter Year
2003 Q1 Q1/2003 Q4/2002 Q1/2002 Q4/2002 Q1/2002
Statewide
Calif. (sf) $337,780 2.0% 14.3% 1.4% -3.5%
Calif. (condo) $261,750 3.1% 14.3% -7.5% -9.0%
C.A.R.Region
Central Valley $205,370 1.9% 20.9% -19.3% -2.0%
High Desert $141,160 1.9% 19.5% -15.9% 13.8%
Los Angeles $307,910 1.1% 16.2% -4.6% -0.5%
Monterey $460,960 2.6% 5.3% -22.2% -12.0%
Nor. Calif. $253,070 2.3% 16.0% -22.2% -1.1%
Nor. Wine Country $392,230 3.5% 11.2% -24.8% -11.3%
Orange County $448,410 3.2% 20.6% -10.3% -4.9%
Palm Springs/
Lower Desert $254,620 9.4% 21.5% 1.9% 14.6%
Riverside/
San Bernardino $194,770 4.9% 18.3% -11.1% 4.5%
Sacramento $229,960 2.8% 25.2% -24.3% 25.2%
San Diego $389,090 2.6% 19.5% -10.5% -8.3%
San Francisco Bay $508,960 -1.4% 5.5% -19.3% -16.2%
San Luis Obispo $362,350 5.7% 17.4% -5.8% -4.4%
Santa Barbara County $387,650 -3.0% 10.5% -25.1% -31.3%
Santa Barbara
South Coast $823,720 33.8% 42.3% -34.2% -46.8%
North Santa
Barbara County $290,080 2.7% 25.1% -16.9% -13.3%
Santa Clara $531,880 -0.8% 3.6% -12.8% -27.2%
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 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
Q1/2003 Q4/2002 Q1/2002
Statewide
California (sf) $337,780 $331,050 r $295,620
California (condo) $261,750 $253,960 r $229,030 r
C.A.R. Region
Central Valley $205,370 $201,520 r $169,800 r
High Desert $141,160 $138,520 $118,100
Los Angeles $307,910 $304,610 $265,010
Monterey $460,960 $449,390 $437,760
Northern California $253,070 $247,380 $218,120
Northern Wine Country $392,230 $379,120 $352,750
Orange County $448,410 $434,610 $371,950
Palm Springs/Lwr. Desert $254,620 $232,770 $209,490
Riverside/San Bernardino $194,770 $185,690 $164,660
Sacramento $229,960 $223,790 r $183,610 r
San Diego $389,090 $379,320 $325,510
San Francisco Bay $508,960 $516,410 $482,300
San Luis Obispo $362,350 $342,900 $308,730
Santa Barbara County $387,650 $399,480 $350,830 r
Santa Barbara South Coast $823,720 $615,700 $578,920 r
North Santa Barbara County $290,080 $282,580 $231,850
Santa Clara $531,880 $536,000 $513,290
Ventura n.a. $392,960 r $334,740 r
r = revised
Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
