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| Median Price Increases 19.1 Percent in July to Record $383,320, Sales Increase 10.2 Percent, C.A.R. reports |
LOS ANGELES, Aug. 25 /PRNewswire/ -- The median price of an existing home
in California in July increased 19.1 percent and sales increased 10.2 percent
compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"Concerns about rising mortgage interest rates helped propel potential
buyers who were on the fence into the housing market last month," said C.A.R.
President Toby Bradley. "As a result, sales in July hit their highest level
this year. The median price of a home in California reached its greatest
year-to year increase in July, posting a 19.1 percent gain to a record
$383,320."
Closed escrow sales of existing, single-family detached homes in
California totaled 595,860 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
10.2 percent from the 540,800 sales pace recorded in July 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 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 2003 was $383,320, a 19.1 percent increase over the revised
$321,900 median for July 2002, C.A.R. reported. The July 2003 median price
increased 2.1 percent compared to a revised June 2003 $375,610 median price.
Highlights of C.A.R.'s resale housing figures for July 2003:
-- C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in July 2003 was 2.4 months, compared to 2.6 months (revised)
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 5.73 percent during
July 2003, down from 6.49 percent in July 2002, according to Freddie
Mac. Adjustable mortgage interest rates averaged 3.59 percent in
July 2003 compared to 4.51 percent in July 2002.
-- The median number of days it took to sell a single-family home was
27 days in July 2003, compared to a revised 23 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, 95.1 percent or 332 of 349 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=MzIzMjA=.
-- Statewide, the 10 cities and communities with the highest median home
prices in California during July 2003 were: Malibu, $1,190,000;
Beverly Hills, $1,120,000; Palos Verdes Estates, $1,035,000; Manhattan
Beach, $1,015,000; Burlingame, $931,500; Laguna Beach, $893,000;
Calabasas, $880,500; Mill Valley, $870,000; Del Mar, $868,000; La
Canada-Flintridge, $835,000.
-- Statewide, the 10 cities and communities with the greatest median home
price increases in July 2003 compared to the same period a year ago
were: Malibu, 79 percent; Beverly Hills, 58.1 percent; San Juan
Capistrano, 44.1 percent; Desert Hot Springs, 43.9 percent; Lake
Forest, 41.1 percent; Redlands, 40 percent; Mira Loma, 39.1 percent;
Perris, 39 percent; La Habra, 37.2 percent; Ripon, 36.2 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.
JULY 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent
Change in
Percent Percent Percent Sales
Change in Change in Change in from
Median Price from Price from Sales from Prior
Price Prior Month Prior Year Prior Month Year
July-03 Jul-03 Jun-03 Jul-02 Jun-03 Jul-02
Statewide
Calif. (sf) $383,320 2.1% 19.1% 4.1% 10.2%
Calif.
(condo) $286,670 1.5% 15.2% 6.5% 11.8%
C.A.R. REGION
Central
Valley $229,370 1.2% 20.0% 3.1% 8.0%
High
Desert $156,740 1.9% 19.6% 5.6% 0.2%
Los Angeles $358,710 5.8% 25.4% 7.1% 19.1%
Monterey
Region na na na na na
Monterey
County na na na na na
Santa Cruz
County na na na na na
Northern
California $291,280 1.5% 21.5% 9.7% 13.6%
Northern
Wine
Country $431,060 -0.7% 12.7% 6.4% 2.1%
Orange
County $496,370 3.5% 14.7% 5.6% 19.3%
Palm
Springs/
Lower
Desert $261,790 -1.2% 18.3% -1.0% 9.5%
Riverside/
San
Bernardino $231,300 4.0% 27.7% 5.7% 7.8%
Sacramento $247,900 -1.9% 15.6% -3.1% 4.1%
San Diego $430,470 2.7% 14.4% 17.4% 21.5%
San
Francisco
Bay na na na na na
San Luis
Obispo $391,360 3.7% 23.9% 11.6% -9.8%
Santa
Barbara
County $486,360 24.9% 23.6% 9.2% 8.7%
Santa
Barbara
South
Coast $810,000 -1.5% 1.4% 12.9% 18.8%
North
Santa
Barbara
County $318,750 8.6% 23.7% -1.6% 3.4%
Santa Clara na na na na na
Ventura $458,600 0.7% 15.9% 12.1% 1.5%
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
Source: California Association of REALTORS(R)
Median Prices By Region - Current Month vs. Year Ago
Median Prices By Region - Current Month vs. Year Ago
Jul-03 Jun-03 Jul-02
Statewide
Calif. (sf) $383,320 $375,610 r $321,900r
Calif. (condo) $286,670 $282,470 r $248,890r
C.A.R. REGION
Central Valley $229,370 $226,760 r $191,220
High Desert $156,740 $153,840 $131,020
Los Angeles $358,710 $339,100 $286,070
Monterey Region na $495,830 $460,260
Monterey County na $421,000 $366,500
Santa Cruz County na $550,000 $540,000
Northern California $291,280 $286,930 $239,650
Northern Wine Country $431,060 $433,980 $382,480
Orange County $496,370 $479,410 $432,630
Palm Springs/Lower Desert $261,790 $265,000 $221,360
Riverside/San Bernardino $231,300 $222,340 $181,150
Sacramento $247,900 $252,620 r $214,480
San Diego $430,470 $419,320 $376,250
San Francisco Bay na $572,870 $539,940
San Luis Obispo $391,360 $377,540 $315,790
Santa Barbara County $486,360 $389,530 $393,480r
Santa Barbara South Coast $810,000 $822,500 r $799,000r
North Santa Barbara County $318,750 $293,530 $257,580
Santa Clara na $565,000 $564,000
Ventura $458,600 $455,420 $395,710
na - not available
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
