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| Median Price Increases 15.6 Percent in May to New Record, Sales Decline 7.7 Percent, C.A.R. Reports |
LOS ANGELES, June 25 /PRNewswire/ -- The median price of an existing home
in California in May increased 15.6 percent and sales decreased 7.7 percent
compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"Low mortgage interest rates coupled with continued strong demand for
California real estate drove the median price upward in May," said C.A.R.
President Toby Bradley. "But with the median price of a single-family home
posting double-digit increases in 22 out of the past 24 months, affordability
concerns are increasing for many families in California."
The median price of an existing, single-family detached home in California
during May 2003 was $369,290, a 15.6 percent increase over the revised
$319,590 median for May 2002, C.A.R. reported. The May 2003 median price
increased 1.5 percent compared to a revised April 2003 $363,960 median price.
Closed escrow sales of existing, single-family detached homes in
California totaled 572,270 in May 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
7.7 percent from the 620,300 sales pace recorded in May 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 would be if sales maintained the May pace throughout the year. It
is adjusted to account for seasonal factors that typically influence home
sales.
"Year-to-date sales declined 5.6 percent as of May, in line with our
expectations for the year," said C.A.R. Vice President and Chief Economist
Leslie Appleton-Young. "While we don't anticipate sales to top last year's
record level, 2003 looks to be the second best year for residential real
estate on record."
Highlights of C.A.R.'s resale housing figures for May 2003:
-- C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in May 2003 was 2.3 months, compared to a revised 2.0 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 5.48 percent during
May 2003, down from 6.81 percent in May 2002, according to Freddie
Mac. Adjustable mortgage interest rates averaged 3.66 percent in May
2003 compared to 4.79 percent in May 2002.
-- The median number of days it took to sell a single-family home was
27 days in May 2003, compared to a revised 24 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.
(Note: DataQuick tables listing median home prices in California cities
and counties will be accessible through C.A.R. Online at
http://www.car.org/index.php?id=MzIxODg= on Thursday, June 26 at 10 a.m. PDT.
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.
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.
MAY 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change in Change in Change in Change in
Median Price from Price from Sales from Sales from
Price Prior Month Prior Year Prior Month Prior Year
May-03 Apr-03 May-02 Apr-03 May-02
Statewide
Calif. (sf) $369,290 1.5% 15.6% -1.9% -7.7%
Calif. (condo) $273,330 2.1% 13.3% 4.9% -6.8%
C.A.R. REGION
Central Valley $220,440 3.2% 19.4% 5.8% -4.0%
High Desert $146,990 -1.0% 16.9% 17.6% 7.6%
Los Angeles $332,210 3.6% 19.8% -3.3% -3.5%
Monterey
Region $482,380 -1.8% 3.7% 15.1% -10.6%
Monterey
County $415,000 -3.2% 12.9% 21.7% 5.0%
Santa Cruz
County $535,000 -1.1% 0.6% 9.7% -25.6%
Northern
California $272,900 -1.2% 16.1% 11.1% -10.9%
Northern Wine
Country $419,550 2.2% 11.7% 12.6% -7.8%
Orange County $470,690 1.4% 14.2% 0.6% -4.0%
Palm Springs/
Lower Desert $253,850 -4.9% 11.0% 1.7% 6.6%
Riverside/San
Bernardino $205,140 -1.2% 19.4% 5.8% -4.4%
Sacramento $243,100 2.7% 17.7% 1.9% -6.2%
San Diego $408,480 3.4% 10.3% 7.5% -2.0%
San Francisco
Bay $552,130 -0.4% 2.2% 11.3% -8.2%
San Luis Obispo $378,120 -2.6% 19.8% -16.1% -25.7%
Santa Barbara
County $392,390 -20.7% 12.1% -9.1% -24.1%
Santa Barbara
South Coast $900,000 9.1% 6.0% -29.9% -25.7%
North Santa
Barbara County $310,870 6.0% 26.5% 6.5% -19.1%
Santa Clara $545,000 0.5% -5.7% 11.9% -12.9%
Ventura $457,140 -6.6% 25.6% -13.6% -18.3%
* 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
May-03 Apr-03 May-02
Statewide
Calif. (sf) $369,290 $363,960 r $319,590 r
Calif. (condo) $273,330 $267,740 r $241,190 r
C.A.R. REGION
Central Valley $220,440 $213,550 $184,680 r
High Desert $146,990 $148,470 $125,690
Los Angeles $332,210 $320,720 $277,320 r
Monterey Region $482,380 $491,020 $465,060
Monterey County $415,000 $428,750 $367,500
Santa Cruz County $535,000 $541,000 $532,000
Northern California $272,900 $276,230 $234,970
Northern Wine Country $419,550 $410,430 $375,670
Orange County $470,690 $464,120 $412,000
Palm Springs/Lower Desert $253,850 $267,010 $228,680
Riverside/San Bernardino $205,140 $207,540 $171,820
Sacramento $243,100 $236,670 r $206,490 r
San Diego $408,480 $394,990 $370,310
San Francisco Bay $552,130 $554,560 $540,460
San Luis Obispo $378,120 $388,360 $315,570
Santa Barbara County $392,390 $495,000 $350,000 r
Santa Barbara South Coast $900,000 $825,000 $849,000 r
North Santa Barbara County $310,870 $293,180 $245,670
Santa Clara $545,000 $542,500 $578,000
Ventura $457,140 $489,680 r $364,040
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
