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| Median Price Sets New Record With 15.5 Percent Gain in Second Quarter, Sales Post 3.9 Percent Decline, C.A.R. Reports |
LOS ANGELES, Aug. 13 /PRNewswire/ -- The median price of an existing,
single-family detached home in California hit a new record during the second
quarter of 2003, rising 15.5 percent to $369,640, the California Association
of REALTORS(R) (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in
California amounted to 575,910 for the second quarter of 2003 at a seasonally
adjusted annualized rate, a 3.9 percent decrease from 599,060 in the second
quarter of 2002.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes
for the second quarter of 2003 was 2.3 months, compared to 2.1 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 5.51 percent during the
second quarter of 2003, down from 6.81 percent in the second quarter of 2002,
according to the Federal Home Loan Mortgage Corp. Adjustable mortgage
interest rates averaged 3.66 percent in the second quarter of 2003, down from
4.80 percent in the second quarter of 2002.
The median number of days it took to sell a single-family home was 28 days
in the second quarter of 2003, compared to 24 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, 94.8 percent or 401 of 423
California cities and communities showed an increase in their respective
median home prices during the second quarter of 2003 compared to the same
period 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=MzIyODk= .
Among the highlights of the localized second-quarter data collected by
C.A.R. and Real Estate Solutions:
-- The 10 cities and communities with the highest median home prices in
California during the second quarter 2003 were: Belvedere/Tiburon,
$1,117,500; Los Altos, $1,115,000; Saratoga, $1,108,000; Burlingame,
$1,007,500; Manhattan Beach, $985,000; Beverly Hills, $942,000;
Malibu, $930,000; Laguna Beach, $925,000; San Marino, $869,000; Palos
Verdes Estates, $850,000.
-- The 10 California cities and communities with the largest annual
increase in their respective median home prices during the second
quarter 2003 compared to the same period in 2002 were: Yucca Valley,
41.2 percent; Loma Linda, 33.5 percent; Laguna Hills, 33.2 percent;
Pismo Beach, 33 percent; Rio Vista, 32.8 percent; Santee, 32.1
percent; El Segundo, 31.9 percent; South El Monte, 31.6 percent;
Adelanto, 31.5 percent; Perris, 31.4 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
130,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data 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 Quarter Year Quarter Year
Q2/2003 Q1/2003 Q2/2002 Q1/2003 Q2/2002
Statewide
Calif. (sf) $369,640 9.3% 15.5% 0.5% -3.9%
Calif. (condo) $277,180 6.2% 14.5% 30.8% -4.1%
C.A.R. REGION
Central Valley $220,140 6.9% 19.5% 32.5% 1.3%
High Desert $149,550 6.0% 19.1% 24.4% 7.4%
Los Angeles $337,200 9.9% 20.6% 21.5% -1.2%
Monterey $489,430 6.2% 7.8% 42.3% -5.0%
Nor. Calif. $278,380 10.0% 17.9% 33.8% -7.2%
Nor. Wine
Country $422,240 7.7% 12.1% 46.9% -4.7%
Orange County $471,700 5.5% 14.8% 38.6% -3.1%
Palm Springs/
Lower Desert $262,400 3.1% 13.6% 36.4% 13.0%
Riverside/S.B. $212,560 9.1% 23.4% 21.1% 2.7%
Sacramento $243,630 5.9% 20.1% 30.9% 1.0%
San Diego $406,950 4.6% 12.5% 33.7% 0.5%
San Francisco Bay $560,240 10.1% 3.6% 52.0% -7.0%
San Luis Obispo $381,550 5.3% 20.1% 30.3% -9.5%
Santa Barbara
County $404,050 4.2% 9.2% 27.9% -14.6%
Santa Barbara
South Coast $840,840 5.3% 4.5% 30.0% -12.3%
North Santa
Barbara County $297,070 2.4% 20.5% 23.6% -12.2%
Santa Clara $551,460 3.7% -2.9% 49.3% -11.0%
Ventura $467,010 15.5% 29.6% 34.3% -10.3%
* Based on closed escrow sales of single-family, detached homes only (no
condos). Reported 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 - Last Quarter, Prior Quarter,
and Year Ago Quarter
Q2/2003 Q1/2003 Q2/2002
Statewide
California (sf) $369,640 $338,310 r $320,140 r
California (condo) $277,180 $261,060 r $242,160 r
C.A.R. REGION
Central Valley $220,140 $205,940 r $184,200 r
High Desert $149,550 $141,150 r $125,560
Los Angeles $337,200 $306,880 r $279,600 r
Monterey $489,430 $460,960 $454,020
Northern California $278,380 $253,070 $236,060
Northern Wine Country $422,240 $392,230 $376,690
Orange County $471,700 $446,980 r $411,060
Palm Springs/Lwr. Desert $262,400 $254,620 $230,930
Riverside/San Bernardino $212,560 $194,770 $172,200
Sacramento $243,630 $230,050 r $202,930 r
San Diego $406,950 $389,090 $361,850
San Francisco Bay $560,240 $508,960 $540,540
San Luis Obispo $381,550 $362,350 $317,660
Santa Barbara County $404,050 $387,650 $370,000 r
Santa Barbara South Coast $840,840 $798,740 r $804,580 r
North Santa Barbara County $297,070 $290,080 $246,480
Santa Clara $551,460 $531,880 $567,790 r
Ventura $467,010 $404,500 r $360,390
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
