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| Median Price of a Home in California Increases 24.6 Percent in April, Sales Up 9.8 Percent, C.A.R. Reports |
LOS ANGELES, May 25 /PRNewswire/ -- The median price of an existing home
in California in April increased 24.6 percent and sales increased 9.8 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 surged to another record in April as the
traditional spring homebuying season got underway," said C.A.R. President Ann
Pettijohn. "Buyers concerned about potential interest-rate increases later
this year jumped into the market, while the supply of homes for sale continued
to shrink."
Closed escrow sales of existing, single-family detached homes in
California totaled 640,710 in April 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
9.8 percent from the 583,330 sales pace recorded in April 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the April 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 April 2004 was $453,590, a 24.6 percent increase over the revised
$364,040 median for April 2003, C.A.R. reported. The April 2004 median price
increased 5.8 percent compared to a revised $428,570 median price in March.
"While demand for homes shows no signs of abating, California is simply
not adding sufficient housing stock to the supply of homes for sale to meet
this need," said Leslie Appleton-Young, C.A.R.'s vice president and chief
economist. "This is a serious issue that California REALTORS(R) are addressing
through a number of initiatives in Sacramento and on the housing affordability
front."
Highlights of C.A.R.'s resale housing figures for April 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in April 2004 was 1.7 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 5.83 percent during
April 2004, up from 5.81 percent in April 2003, according to Freddie
Mac. Adjustable mortgage interest rates averaged 3.65 percent in April
2004 compared to 3.80 percent in April 2003.
* The median number of days it took to sell a single-family home was
25 days in April 2004, compared to 28 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, 99 percent or 410 of 414 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=MzM2NDM=. (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 April 2004 were: Malibu, $1,547,500; Beverly
Hills, $1,420,000; Los Altos, $1,350,000; Laguna Beach, $1,314,500; Manhattan
Beach, $1,265,000; Saratoga, $1,236,000; Calabasas, $1,160,000; Burlingame,
$1,100,000; Palos Verdes Estates, $1,012,500; Newport Beach, $990,000.
Statewide, the 10 cities and communities with the greatest median home
price increases in April 2004 compared to the same period a year ago were:
Calabasas, 66.9%, La Verne, 59.7 percent; Culver City, 55.2 percent; Seaside,
49.9 percent; Moorpark, 49.9 percent; Beaumont, 49.2 percent; Santa Paula,
48.1 percent; Monterey Park, 47.4 percent; Paramount, 45.8 percent; Upland,
45.4 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.
April 2004 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent
Percent Percent Percent Change
Change Change Change in
in Price in Price in Sales Sales
from from from from
Median Prior Prior Prior Prior
April-04 Price Month Year Month Year
Apr-04 Mar-04 Apr-03 Mar-04 Apr-03
Statewide
Calif. (sf) $453,590 5.8% 24.6% 8.6% 9.8%
Calif. (condo) $351,650 4.9% 26.6% 5.9% 20.5%
Region
Central Valley $261,090 2.8% 22.2% 4.3% 23.2%
High Desert $197,720 2.8% 33.2% -2.1% 18.9%
Los Angeles $423,480 8.1% 30.1% -0.6% -8.0%
Monterey Region $611,230 6.2% 24.5% 23.3% 45.2%
Monterey County $555,000 9.0% 29.4% 34.9% 54.0%
Santa Cruz County $620,000 2.3% 14.6% 11.4% 37.3%
Northern California $346,020 6.3% 25.3% -2.3% 31.8%
Northern Wine
Country $488,700 3.4% 19.1% 9.1% 14.5%
Orange County $645,590 6.6% 38.3% 3.8% -6.7%
Palm Springs/Lower
Desert $349,390 7.2% 35.0% 10.8% 56.7%
Riverside/
San Bernardino $287,200 4.6% 38.4% -6.2% 4.5%
Sacramento $297,410 3.5% 25.9% -0.2% 14.9%
San Diego $527,320 6.7% 33.5% 8.1% 15.8%
San Francisco Bay $634,830 2.6% 14.5% 15.3% 22.4%
San Luis Obispo $398,790 3.0% 2.7% -4.7% -5.5%
Santa Barbara County $512,200 7.8% -1.0% -3.2% 13.5%
Santa Barbara South
Coast $985,000 -6.1% 20.3% -12.3% -7.4%
No. Santa Barbara
County $360,600 2.4% 23.0% 2.1% 34.6%
Santa Clara $618,000 -1.1% 13.9% 16.1% 51.4%
Ventura $613,360 11.1% 25.3% 4.9% -17.8%
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
Apr-04 Mar-04 Apr-03
Statewide
Calif. (sf) $453,590 $428,570 r $364,040 r
Calif. (condo) $351,650 $335,370 r $277,720 r
Region
Central Valley $261,090 $254,060 r $213,670 r
High Desert $197,720 $192,270 $148,470
Los Angeles $423,480 $391,740 r $325,550 r
Monterey Region $611,230 $575,550 $491,020
Monterey County $555,000 $509,000 $428,750
Santa Cruz County $620,000 $606,250 $541,000
Northern California $346,020 $325,560 $276,230
Northern Wine Country $488,700 $472,530 $410,430
Orange County $645,590 $605,560 $466,780 r
Palm Springs/Lower Desert $349,390 $325,970 $258,780 r
Riverside/San Bernardino $287,200 $274,660 r $207,540
Sacramento $297,410 $287,450 r $236,290 r
San Diego $527,320 $494,020 $394,990
San Francisco Bay $634,830 $618,900 $554,560
San Luis Obispo $398,790 $387,120 $388,360
Santa Barbara County $512,200 $475,000 $517,440 r
Santa Barbara South Coast $985,000 $1,049,000 r $819,000 r
No. Santa Barbara County $360,600 $352,270 r $293,180
Santa Clara $618,000 $625,000 $542,500
Ventura $613,360 $552,120 $489,680
na - not available
r - revised
Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS(R)
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CONTACT:
Mark Giberson of C.A.R., +1-213-739-8304,
markg@car.org
