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| Median Price Increases 15.9 Percent in June to Record $376,260, Sales Increase 7.2 Percent, C.A.R. Reports |
LOS ANGELES, July 25 /PRNewswire/ -- The median price of an existing home
in California in June increased 15.9 percent and sales increased 7.2 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 in Southern California, especially in the
Riverside/San Bernardino and Central Valley regions, continued to post
impressive gains in June," said C.A.R. President Toby Bradley. "Prices in the
San Francisco Bay Area region, by comparison, are appreciating at a slower
rate than other regions in the state."
The median price of an existing, single-family detached home in California
during June 2003 was $376,260, a 15.9 percent increase over the revised
$324,640 median for June 2002, C.A.R. reported. The June 2003 median price
increased 1.8 percent compared to a revised May 2003 $369,450 median price.
Closed escrow sales of existing, single-family detached homes in
California totaled 572,130 in June 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
7.2 percent from the 533,840 sales pace recorded in June 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 would be if sales maintained the June pace throughout the year.
It is adjusted to account for seasonal factors that typically influence home
sales.
"The wild cards in the equation are mortgage interest rates," said C.A.R.
Vice President and Chief Economist Leslie Appleton-Young. "If the national
economy recovers at a faster pace than expected, long-term rates will likely
increase more quickly than we've anticipated. This could have a negative
effect on affordability and the ability of Californians to purchase a home."
Highlights of C.A.R.'s resale housing figures for June 2003:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in June 2003 was 2.3 months, compared to 2.4 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 5.23 percent during
June 2003, down from 6.65 percent in June 2002, according to Freddie
Mac. Adjustable mortgage interest rates averaged 3.52 percent in
June 2003 compared to 4.65 percent in June 2002.
* The median number of days it took to sell a single-family home was
28 days in June 2003, compared to a revised 23 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, 92 percent or 320 of 348 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=MzIyNTA= .
* Statewide, the 10 cities and communities with the highest median home
prices in California during June 2003 were: Burlingame, $1,282,500;
Beverly Hills, $980,000; Malibu, $950,500; Calabasas, $905,000; Laguna
Beach, $879,000; San Marino, $870,000; Newport Beach, $862,500;
Manhattan Beach, $850,000; Palos Verdes Estates, $823,250; Del Mar,
$819,500.
* Statewide, the 10 cities and communities with the greatest median home
price increases in June 2003 compared to the same period a year ago
were: Yucca Valley, 47.1 percent; Santee 37.1 percent; Arcadia,
36.6 percent; Desert Hot Springs, 36.4 percent; Perris, 36.2 percent;
La Quinta, 35.8 percent; Ontario, 35.3 percent; Laguna Hills,
34.3 percent; Patterson, 32.9 percent; Chula Vista, 32.5 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.
JUNE 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
Price from Price from Sales from Sales from
Median Prior Prior Prior Prior
Price Month Year Month Year
Jun-03 May-03 Jun-02 May-03 Jun-02
Statewide
Calif. (sf) $376,260 1.8% 15.9% 0.0% 7.2%
Calif. (condo) $282,000 1.7% 16.4% -2.9% 5.1%
C.A.R. Region
Central Valley $226,280 2.7% 18.6% -2.8% 3.9%
High Desert $153,840 4.7% 20.4% -5.7% 5.6%
Los Angeles $339,100 2.1% 20.8% -9.7% 2.3%
Monterey Region $495,830 2.8% 6.8% 6.1% 8.3%
Monterey County $421,000 1.4% 2.1% 3.3% 0.4%
Santa Cruz
County $550,000 2.8% 5.3% 8.4% 19.6%
Northern
California $286,930 5.1% 15.5% 6.7% -3.8%
Northern Wine
Country $433,980 3.4% 12.0% -0.7% 6.7%
Orange County $479,410 1.9% 12.0% 10.9% -0.7%
Palm Springs/
Lower Desert $265,000 4.4% 16.9% -1.8% 14.4%
Riverside/
San Bernardino $222,340 7.2% 24.6% 6.4% 3.9%
Sacramento $254,450 5.3% 22.0% -5.3% 1.2%
San Diego $419,320 2.7% 13.7% -3.3% 4.8%
San Francisco
Bay $572,870 3.8% 3.9% 1.9% 4.6%
San Luis Obispo $377,540 -0.2% 13.8% 9.3% 1.0%
Santa Barbara
County $389,530 -0.7% 10.7% 14.8% -13.5%
Santa Barbara
South Coast $822,500 -7.1% 7.5% 20.8% -7.0%
North Santa
Barbara County $293,530 -5.6% 15.2% 9.6% -17.2%
Santa Clara $565,000 3.7% -1.7% 6.9% 11.3%
Ventura $455,420 -0.4% 25.9% -2.7% -13.3%
* 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
Jun-03 May-03 Jun-02
Statewide
Calif. (sf) $376,260 $369,450 r $324,640 r
Calif. (condo) $282,000 $277,390 r $242,170 r
Region
Central Valley $226,280 $220,370 r $190,860 r
High Desert $153,840 $146,990 $127,760
Los Angeles $339,100 $332,210 $280,720
Monterey Region $495,830 $482,380 $464,360
Monterey County $421,000 $415,000 $412,500
Santa Cruz County $550,000 $535,000 $522,500
Northern California $286,930 $272,900 $248,460
Northern Wine Country $433,980 $419,550 $387,550
Orange County $479,410 $470,690 $428,130
Palm Springs/Lower Desert $265,000 $253,850 $226,620
Riverside/San Bernardino $222,340 $207,450 r $178,440
Sacramento $254,450 $241,710 r $208,500 r
San Diego $419,320 $408,480 $368,650
San Francisco Bay $572,870 $552,130 $551,380
San Luis Obispo $377,540 $378,120 $331,900
Santa Barbara County $389,530 $392,390 $352,000 r
Santa Barbara South Coast $822,500 $885,000 r $765,000 r
North Santa Barbara County $293,530 $310,870 $254,880
Santa Clara $565,000 $545,000 $575,000
Ventura $455,420 $457,140 $361,700
r - revised
Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS
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CONTACT:
Media, Mark Giberson of California
Association of REALTORS, +1-213-739-8304, markg@car.org
