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| Median Price of a Home in California Increases 21.4 Percent in July, Sales Up 7.4 Percent, C.A.R. Reports |
LOS ANGELES, Aug. 24 /PRNewswire/ -- The median price of an existing home
in California in July increased 21.4 percent and sales increased 7.4 percent
compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"C.A.R.'s unsold inventory index, which measures the number of months
needed to deplete the supply of homes on the market at the current sales rate,
increased to more than a three-month supply for the first time in 17 months,"
said C.A.R. President Ann Pettijohn. "While that is still dramatically low by
historical standards, the increase in inventory has mitigated some of the
upward pressure on home prices, which declined 1.1 percent last month compared
to June."
Closed escrow sales of existing, single-family detached homes in
California totaled 639,910 in July 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
7.4 percent from the 595,860 sales pace recorded in July 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the July 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 July 2004 was $463,540, a 21.4 percent increase over the revised
$381,940 median for July 2003, C.A.R. reported. The July 2004 median price
decreased 1.1 percent compared to a revised $468,620 median price in June
2004.
"While year-to-date sales have increased 7.4 percent, we expect to see
them level off in the coming months as increases in the supply of homes and
interest rate expectations temper consumers' concerns about the recent pace of
the real estate market," said Leslie Appleton-Young, C.A.R.'s vice president
and chief economist.
Highlights of C.A.R.'s resale housing figures for July 2004:
- C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in July 2004 was 3.3 months, compared to a revised 2 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 6.06 percent during
July 2004, up from 5.63 percent (revised) in July 2003, according to
Freddie Mac. Adjustable mortgage interest rates averaged 4.11 percent
in July 2004 compared to 3.57 percent (revised) in July 2003.
- The median number of days it took to sell a single-family home was
25 days in July 2004, compared to 26 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 409 of 418 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=MzM5NTg=. (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 July 2004 were: Laguna Beach, $1,479,500;
Los Altos, $1,343,000; Manhattan Beach, $1,320,000; Newport Beach,
$1,295,000; Burlingame, $1,250,000; San Marino, $1,200,750; Coronado,
$1,182,500; Saratoga, $1,105,000; La Canada-Flintridge, $1,075,000;
Beverly Hills, $1,013,000.
- Statewide, the 10 cities and communities with the greatest median home
price increases in July 2004 compared to the same period a year ago
were: Seaside, 82.8 percent; Laguna Beach, 65.7 percent; Loma Linda,
63.9 percent; Montebello, 63 percent; Santa Paula, 56.2 percent;
California City, 55 percent; Adelanto, 54.8 percent; Rancho Santa
Margarita, 51.1 percent; Yucca Valley, 50 percent; Oceanside,
48.4 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
135,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
July 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 Sales in Sales
from from from from
Median Prior Prior Prior Prior
Price Month Year Month Year
Jul-04 Jun-04 Jul-03 Jun-04 Jul-03
Statewide
Calif. (sf) $463,540 -1.1% 21.4% 1.0% 7.4%
Calif. (condo) $369,670 -1.4% 27.8% -12.5% 0.6%
C.A.R. REGION
Central Valley $283,650 1.5% 23.2% -6.1% 22.5%
High Desert $234,520 4.1% 49.6% -4.2% 11.6%
Los Angeles $448,800 0.8% 25.8% 1.6% -7.3%
Monterey Region $624,530 0.4% 24.2% -3.8% 14.4%
Monterey County $565,000 -1.7% 27.0% -1.5% 7.3%
Santa Cruz County $635,000 5.9% 17.6% -6.5% 21.2%
Northern California $351,680 1.1% 20.7% -5.4% 13.0%
Northern Wine Country $500,450 -0.1% 16.1% -8.9% 6.3%
Orange County $648,590 -1.4% 30.7% -28.2% -35.7%
Palm Springs/
Lower Desert $340,250 -1.9% 39.5% -12.8% 26.2%
Riverside/
San Bernardino $317,820 4.3% 37.4% 1.5% 3.8%
Sacramento $325,060 1.3% 31.4% -8.3% 13.3%
San Diego $582,490 0.3% 35.3% -8.9% -10.6%
San Francisco Bay $651,150 -0.7% 15.6% -6.6% 6.7%
San Luis Obispo $452,270 1.3% 15.6% -5.8% 3.2%
Santa Barbara County $475,470 -16.9% -6.8% 21.3% 4.9%
Santa Barbara
South Coast $1,045,000 -4.6% 27.1% -14.3% -20.0%
No. Santa Barbara
County $389,610 0.8% 22.2% 37.9% 30.1%
Santa Clara $640,000 -0.3% 16.4% -12.0% 11.2%
Ventura $626,510 0.2% 36.6% -9.3% -14.5%
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
Jul-04 Jun-04 Jul-03
Statewide
Calif. (sf) $463,540 $468,620 r $381,940 r
Calif. (condo) $369,670 $375,100 r $289,160 r
C.A.R. REGION
Central Valley $283,650 $279,490 r $230,200 r
High Desert $234,520 $225,260 $156,740
Los Angeles $448,800 $445,140 $356,730 r
Monterey Region $624,530 $621,920 $502,840 r
Monterey County $565,000 $575,000 $445,000
Santa Cruz County $635,000 $599,500 $540,000
Northern California $351,680 $347,980 $291,280 r
Northern Wine Country $500,450 $500,840 $431,060
Orange County $648,590 $657,930 $496,370
Palm Springs/Lower Desert $340,250 $346,700 $243,940 r
Riverside/San Bernardino $317,820 $304,810 $231,300
Sacramento $325,060 $321,010 r $247,410 r
San Diego $582,490 $580,670 $430,470
San Francisco Bay $651,150 $655,990 $563,140 r
San Luis Obispo $452,270 $446,530 r $391,360
Santa Barbara County $475,470 $572,370 $510,200 r
Santa Barbara
South Coast $1,045,000 $1,095,000 $822,000
No. Santa Barbara County $389,610 $386,440 $318,750
Santa Clara $640,000 $642,000 $550,000
Ventura $626,510 $625,000 $458,600
na -- not available
r -- revised
SOURCE California Association of REALTORS(R)
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CONTACT:
Mark Giberson of California Association of
REALTORS(R), +1-213-739-8304, markg@car.org
