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| Median Price of a Home in California Increases 26.5 Percent in May to New Record, Sales Up 10.5 percent, C.A.R. reports |
LOS ANGELES, June 25 /PRNewswire/ -- The median price of an existing home
in California in May increased 26.5 percent and sales increased 10.5 percent
compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"The real estate market has kicked into high gear with the prime summer
selling season underway," said C.A.R. President Ann Pettijohn.
"The up-tick in mortgage interest rates has only accelerated the demand
for housing in California," she said. "The median price posted the greatest
percentage increase on record, pushing the median price to a new high of
$465,160."
Closed escrow sales of existing, single-family detached homes in
California totaled 632,380 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 increased
10.5 percent from the 572,260 sales pace recorded in May 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the May 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 May 2004 was $465,160, a 26.5 percent increase over the revised
$367,630 median for May 2003, C.A.R. reported. The May 2004 median price
increased 2.9 percent compared to a revised $452,270 median price in April.
"Year-to-date sales increased 6.7 percent compared to the same period in
2003," said Leslie Appleton-Young, C.A.R.'s vice president and chief
economist. "However, rising mortgage interest rates will result in slightly
slowing sales for the remainder of the year compared to the first half of
2004."
Highlights of C.A.R.'s resale housing figures for May 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in May 2004 was 2.2 months, compared to 2.3 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 6.27 percent during
May 2004, up from 5.48 percent in May 2003, according to Freddie Mac.
Adjustable mortgage interest rates averaged 3.88 percent in May 2004
compared to 3.66 percent in May 2003.
* The median number of days it took to sell a single-family home was
24 days in May 2004, compared to 27 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, 97.8 percent or 406 of 415 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=MzM4MzE. (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 May 2004 were: Palos Verdes Estates,
$1,350,000; Manhattan Beach, $1,350,000; Los Altos, $1,347,500;
Malibu, $1,250,000; Beverly Hills, $1,185,000; Laguna Beach,
$1,155,000; Newport Beach, $1,132,500; Saratoga, $1,087,500; Del Mar,
$1,060,000; Calabasas, $987,500.
* Statewide, the 10 cities and communities with the greatest median home
price increases in May 2004 compared to the same period a year ago
were: Newport Beach, 57.3 percent; Selma, 52.5 percent; Sanger,
51.3 percent; Palos Verdes Estates, 50 percent; Rancho Santa
Margarita, 49.9 percent; Cypress, 49.2 percent; Tulare, 47 percent;
Desert Hot Springs, 46.7 percent; Port Hueneme, 46 percent; Berkeley,
45.9 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.
May 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Median Percent Percent Percent Percent
Price Change Change Change Change
in Price in Price in Sales in Sales
from from from from
Prior Prior Prior Prior
Month Year Month Year
May-04 Apr-04 May-03 Apr-04 May-03
Statewide
Calif. (sf) $465,160 2.9% 26.5% -1.3% 10.5%
Calif. (condo) $366,770 4.3% 29.8% -5.0% 7.7%
C.A.R. REGION
Central Valley $268,970 2.8% 21.9% -8.0% 7.1%
High Desert $214,470 8.5% 45.9% -3.2% -2.2%
Los Angeles $434,790 2.7% 29.2% -4.2% -10.8%
Monterey Region $616,670 0.9% 27.8% -7.6% 16.5%
Monterey County $569,000 2.5% 37.1% -11.2% 12.4%
Santa Cruz County $639,000 3.1% 19.4% -2.8% 21.7%
Northern California $349,510 2.9% 28.1% 6.0% 25.3%
Northern Wine Country $488,210 -0.1% 16.4% -4.1% -2.5%
Orange County $662,290 2.6% 40.7% -5.6% -7.5%
Palm Springs/
Lwr. Desert $364,610 4.4% 49.6% -11.8% 37.6%
Riverside/
S. Bernardino $292,060 1.7% 40.8% 22.3% 22.1%
Sacramento $308,380 4.0% 27.7% -5.9% 5.9%
San Diego $565,030 7.2% 38.3% -5.9% 1.4%
San Francisco Bay $649,240 2.3% 17.6% -2.0% 7.8%
San Luis Obispo $422,660 6.0% 11.8% 5.9% 19.2%
Santa Barbara County $684,780 33.7% 71.2% -17.6% 2.6%
S. Barbara South
Coast $1,115,000 13.2% 26.0% -1.9% 26.8%
No. S. Barbara
County $378,890 5.1% 21.9% -32.6% -14.9%
Santa Clara $635,000 2.8% 16.5% -0.1% 35.2%
Ventura $614,850 0.2% 34.5% -3.6% -8.2%
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
Median Prices By Region - Current Month vs. Year Ago
May-04 Apr-04 May-03
Statewide
Calif. (sf) $465,160 $452,270r $367,630r
Calif. (condo) $366,770 $351,530r $282,580r
C.A.R. REGION
Central Valley $268,970 $261,680r $220,600r
High Desert $214,470 $197,720 $146,990
Los Angeles $434,790 $423,480 $336,430r
Monterey Region $616,670 $611,230 $482,380
Monterey County $569,000 $555,000 $415,000
Santa Cruz County $639,000 $620,000 $535,000
Northern California $349,510 $339,570r $272,900
Northern Wine Country $488,210 $488,700 $419,550
Orange County $662,290 $645,590 $470,690
Palm Springs/Lower Desert $364,610 $349,390 $243,680r
Riverside/San Bernardino $292,060 $287,200 $207,450
Sacramento $308,380 $296,560r $241,460r
San Diego $565,030 $527,320 $408,480
San Francisco Bay $649,240 $634,830 $552,130
San Luis Obispo $422,660 $398,790 $378,120
Santa Barbara County $684,780 $512,200 $400,000r
Santa Barbara South Coast $1,115,000 $985,000r $885,000
N. Santa Barbara County $378,890 $360,600r $310,870
Santa Clara $635,000 $618,000 $545,000
Ventura $614,850 $613,360 $457,140
na - not available
r - revised
SOURCE California Association of REALTORS
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CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
