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| Median Price of a Home in California Increases 25.3 Percent in June to New Record, Sales Up 10.8 Percent, C.A.R. Reports |
LOS ANGELES, July 26 /PRNewswire/ -- The median price of an existing home
in California in June increased 25.3 percent and sales increased 10.8 percent
compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"The real estate market in June experienced the confluence of what is
traditionally the peak selling season and consumers' responses to a changing
interest rate climate," said C.A.R. President Ann Pettijohn. "As mortgage
rates began to increase, consumers' expectations of even higher rates in the
future pushed many off the fence and into the market."
Closed escrow sales of existing, single-family detached homes in
California totaled 633,670 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
10.8 percent from the 572,130 sales pace recorded in June 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 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 median price of an existing, single-family detached home in California
during June 2004 was $469,170, a 25.3 percent increase over the revised
$374,540 median for June 2003, C.A.R. reported. The June 2004 median price
increased 0.2 percent compared to a revised $463,690 median price in May.
"Year-to-date sales have increased 7.4 percent compared to 2003," said
Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "We're
continuing to see double-digit sales increases in most regions of the state,
while the median price increased by more than 30 percent in over half of the
regions within the state."
Highlights of C.A.R.'s resale housing figures for June 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in June 2004 was 2.6 months, compared to a revised 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 6.29 percent during
June 2004, up from 5.23 percent in June 2003, according to Freddie
Mac. Adjustable mortgage interest rates averaged 4.10 percent in
June 2004 compared to 3.52 percent in June 2003.
* The median number of days it took to sell a single-family home was
25 days in June 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, 97.9 percent or 419 of 428 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 http://www.car.org/index.php?id=MzM4Nzg=.
(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 June 2004 were: Beverly Hills, $1,487,500;
Los Altos, $1,325,000; Malibu, $1,287,500; Saratoga, $1,265,000;
Manhattan Beach, $1,252,500; Laguna Beach, $1,250,000; Palos Verdes
Estates, $1,250,000; Coronado, $1,100,000; Newport Beach, $1,090,000;
San Marino, $1,078,000; Del Mar, $1,035,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in June 2004 compared to the same period a year ago
were: Colton, 78.6 percent; Seaside, 61.3 percent; Port Hueneme,
58.2 percent; California City, 57.9 percent; Adelanto, 55.8 percent;
Hercules, 52.5 percent; Palos Verdes Estates, 51.8 percent; Beverly
Hills, 51.8 percent; Ojai, 48.3 percent; Beaumont, 46.8 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.
June 2004 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change Change Change Change
in Price in Price in Salesin Sales
from from from from
Median Prior Prior Prior Prior
Price Month Year Month Year
Jun-04 May-04 Jun-03 May-04 Jun-03
Statewide
Calif. (sf) $469,170 1.2% 25.3% 0.2% 10.8%
Calif. (condo) $375,260 2.4% 30.1% 12.1% 22.8%
C.A.R. REGION
Central Valley $279,100 3.6% 23.0% 24.3% 36.7%
High Desert $225,260 5.0% 46.4% 18.7% 23.1%
Los Angeles $445,140 2.4% 31.6% -0.3% -1.3%
Monterey Region $621,920 0.9% 25.4% 14.2% 25.5%
Monterey County $575,000 1.1% 36.6% 10.7% 20.4%
Santa Cruz County $599,500 -6.2% 9.0% 18.6% 33.2%
Northern California $347,980 -0.4% 21.7% 11.6% 29.9%
Northern Wine Country $500,840 2.6% 15.4% 26.4% 24.1%
Orange County $657,930 -0.7% 37.2% 13.2% -5.6%
Palm Springs/Lwr Desert $346,700 -4.9% 34.8% 7.3% 50.3%
Riverside/San Bernardino $304,810 4.4% 37.1% -5.8% 8.1%
Sacramento $321,480 4.8% 27.6% 12.0% 24.4%
San Diego $580,670 2.8% 38.5% 9.8% 15.2%
San Francisco Bay $655,990 1.0% 14.5% 19.2% 26.1%
San Luis Obispo $436,150 3.2% 15.5% 12.0% 22.1%
Santa Barbara County $572,370 -16.4% 46.9% 5.0% -2.8%
S. Barbara South Coast $1,095,000 -0.5% 33.1% -10.4% -12.0%
N. Santa Barbara County $386,440 2.0% 31.7% 19.6% -7.2%
Santa Clara $642,000 1.1% 13.6% 11.7% 41.3%
Ventura $625,000 1.7% 37.2% 12.0% 5.7%
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
Jun-04 May-04 Jun-03
Statewide
Calif. (sf) $469,170 $463,690 r $374,540 r
Calif. (condo) $375,260 $366,560 r $288,490 r
C.A.R. REGION
Central Valley $279,100 $269,500 r $226,960 r
High Desert $225,260 $214,470 $153,840
Los Angeles $445,140 $434,790 $338,360 r
Monterey Region $621,920 $616,670 $495,830
Monterey County $575,000 $569,000 $421,000
Santa Cruz County $599,500 $639,000 $550,000
Northern California $347,980 $349,510 $285,950 r
Northern Wine Country $500,840 $488,210 $433,980
Orange County $657,930 $662,290 $479,410
Palm Springs/Lwr. Desert $346,700 $364,610 $257,140 r
Riverside/S. Bernardino $304,810 $292,060 $222,340
Sacramento $321,480 $306,870 r $251,910 r
San Diego $580,670 $565,030 $419,320
San Francisco Bay $655,990 $649,240 $572,870
San Luis Obispo $436,150 $422,660 $377,540
Santa Barbara County $572,370 $684,780 $389,530
S. Barbara South Coast $1,095,000 $1,100,000 r $822,500
N. Santa Barbara County $386,440 $378,890 $293,530
Santa Clara $642,000 $635,000 $565,000
Ventura $625,000 $614,850 $455,420
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
