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| Median Price Soars 14.8 Percent in April to New Record, Sales Decline 9.3 Percent, C.A.R. Reports |
LOS ANGELES, May 27 /PRNewswire/ -- The median price of an existing home
in California in April increased 14.8 percent and sales decreased 9.3 percent
compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"2003 is shaping up to be another banner year for real estate," said
C.A.R. President Toby Bradley. "While sales last month declined compared to a
year ago, sales in April 2002 were at their highest level in the history of
California's residential real estate market. Year-to-date sales have declined
5 percent, in line with our expectations, while the median price continues to
post double-digit gains."
The median price of an existing, single-family detached home in California
during April 2003 was $363,930, a 14.8 percent increase over the revised
$317,120 median for April 2002, C.A.R. reported. The April 2003 median price
increased 3.2 percent compared to a revised March 2003 $352,480 median price.
Closed escrow sales of existing, single-family detached homes in
California totaled 583,330 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 decreased
9.3 percent from the 643,030 sales pace recorded in April 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 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 inventory of homes for sale improved somewhat in April but remained
well below California's long-term historical average of a seven-month supply
of homes for sale," said C.A.R. Vice President and Chief Economist Leslie
Appleton-Young. "A low level of unsold inventory indicates a tight real
estate market and is a key factor driving price appreciation in the state."
Highlights of C.A.R.'s resale housing figures for April 2003:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in April 2003 was 2.5 months, compared to a revised 1.9 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 5.81 percent during
April 2003, down from 6.99 percent in April 2002, according to Freddie
Mac. Adjustable mortgage interest rates averaged 3.80 percent in
April 2003 compared to 4.96 percent in April 2002.
* The median number of days it took to sell a single-family home was
28 days in April 2003, compared to a revised 25 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, 93.2 percent or 369 of 396
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=MzIwMjQ= .
* Statewide, the 10 cities and communities with the highest median home
prices in California during April 2003 were: Manhattan Beach,
$1,100,000; Malibu, $1,100,000; Beverly Hills, $1,030,000; Laguna
Beach, $925,000; Palos Verdes Estates, $856,775; Newport Beach,
$816,250; Orinda, $808,500; Moraga, $767,750; Coronado, $750,000;
La Canada-Flintridge; $736,500.
* Statewide, the 10 cities and communities with the greatest median home
price increases in April 2003 compared to the same period a year ago
were: Malibu, 53.8 percent; Manhattan Beach, 49.8 percent;
Moraga, 47.4 percent; San Clemente, 39.3 percent; Beverly Hills, 38.5
percent; Desert Hot Springs, 36.7 percent; Truckee, 36.5 percent;
Hercules, 36.1 percent; Colton, 36.0 percent; Tustin, 35.2 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.
APRIL 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
April-03 Change in Change in Change in Change in
Price Price Sales Sales
from from from from
Median Prior Prior Prior Prior
Price Month Year Month Year
Apr-03 Mar-03 Apr-02 Mar-03 Apr-02
Statewide
Calif. (sf) $363,930 3.2% 14.8% 2.8% -9.3%
Calif. (condo) $270,270 1.9% 13.3% 6.8% -6.2%
Region
Central Valley $213,550 1.8% 20.7% 8.7% -0.6%
High Desert $148,470 4.0% 20.8% 5.9% 9.1%
Los Angeles $320,720 3.7% 16.9% 8.2% -2.0%
Monterey Region $491,020 7.4% 13.8% 4.0% -11.7%
Monterey County $428,750 5.9% 19.1% -4.2% -13.1%
Santa Cruz County $541,000 3.5% 9.5% 14.2% -10.6%
Northern
California $276,230 4.8% 21.4% 0.0% -6.9%
Northern Wine
Country $410,430 4.3% 11.4% 12.1% -11.8%
Orange County $464,120 3.3% 18.2% 4.6% -4.8%
Palm Springs/
Lower Desert $267,010 -1.6% 12.0% 12.3% 18.8%
Riverside/
San Bernardino $207,540 5.0% 25.2% 2.9% 11.4%
Sacramento $238,820 2.0% 21.9% 3.7% -3.7%
San Diego $394,990 0.1% 14.3% 9.5% -1.1%
San Francisco Bay $554,560 3.4% 4.6% 17.2% -16.2%
San Luis Obispo $388,360 8.7% 26.5% 20.6% -0.9%
Santa Barbara County $495,000 29.6% 2.4% 22.4% -5.0%
Santa Barbara
South Coast $825,000 -4.0% 3.1% 23.2% -12.2%
North Santa
Barbara County $293,180 3.0% 23.1% 9.2% 4.9%
Santa Clara $542,500 -0.5% -1.8% 14.3% -27.3%
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
Median Prices By Region - Current Month vs. Year Ago
Apr-03 Mar-03 Apr-02
Statewide
Calif. (sf) $363,930 $352,480r $317,120r
Calif. (condo) $270,270 $265,150r $238,450r
C.A.R. REGION
Central Valley $213,550 $209,720r $176,930r
High Desert $148,470 $142,710 $122,920
Los Angeles $320,720 $309,380 $274,460
Monterey Region $491,020 $457,140 $431,550
Monterey County $428,750 $405,000 $360,000
Santa Cruz County $541,000 $522,500 $494,000
Northern California $276,230 $263,500 $227,600
Northern Wine Country $410,430 $393,690 $368,350
Orange County $464,120 $449,100 $392,610
Palm Springs/Lower Desert $267,010 $271,350 $238,390
Riverside/San Bernardino $207,540 $197,690 $165,710
Sacramento $238,820 $234,070r $195,950r
San Diego $394,990 $394,490 $345,540
San Francisco Bay $554,560 $536,260 $529,940
San Luis Obispo $388,360 $357,380 $306,920
Santa Barbara County $495,000 $382,000 $483,330r
Santa Barbara South Coast $825,000 $859,000 $800,000
North Santa Barbara County $293,180 $284,690 $238,090
Santa Clara $542,500 $545,000 $552,250
Ventura n.a n.a $355,080
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
