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| Median Price of a Home in California Increases 16.8 Percent in August, Sales Decline 8.5 Percent, C.A.R. Reports |
LOS ANGELES, Sept. 24 /PRNewswire/ -- The median price of an existing home
in California in August increased 16.8 percent and sales declined 8.5 percent
compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"We anticipated a decrease in home sales last month compared to August
2003," said C.A.R. President Ann Pettijohn. "Last summer, mortgage interest
rates were at their lowest levels in more than 30 years and monthly existing
home sales hit an annualized all time high of nearly 646,000 units."
Closed escrow sales of existing, single-family detached homes in
California totaled 591,150 in August 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 decreased
8.5 percent from the 645,720 sales pace recorded in August 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the August 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 August 2004 was $474,370, a 16.8 percent increase over the revised
$406,140 median for August 2003, C.A.R. reported. The August 2004 median
price increased 2.6 percent compared with a revised $462,140 median price in
July.
"Residential real estate sales in California are on track to set a new
annual record in 2004," said Leslie Appleton-Young, C.A.R.'s vice president
and chief economist. "Year-to-date sales are up 5.2 percent compared with the
same period in 2003."
Highlights of C.A.R.'s resale housing figures for August 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in August 2004 was 4.3 months, compared with two 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 5.87 percent during
August 2004, down from 6.26 percent in August 2003, according to
Freddie Mac. Adjustable mortgage interest rates averaged 4.06 percent
in August 2004 compared with 3.79 percent in August 2003.
* The median number of days it took to sell a single-family home was
26 days in August 2004, unchanged from 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 are not adjusted to account
for seasonal factors that can influence home sales. The MLS median price and
sales data for detached homes are generated from a survey of more than 90
associations of REALTORS(R) throughout the state. MLS median price and sales
data for condominiums are 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, 98.6 percent or 421 of 427 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=MzQxNTg=. (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 August 2004 were: Beverly Hills,
$1,445,000; Manhattan Beach, $1,400,00; Laguna Beach, $1,375,000;
Los Altos, $1,350,000; Palos Verdes Estates, $1,325,000; Burlingame,
$1,270,000; Newport Beach, $1,100,000; Saratoga, $1,062,500; Orinda,
$950,000; Calabasas, $935,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in August 2004 compared with the same period a year ago
were: Hercules, 59.7 percent; Colton, 58.3 percent; Adelanto,
57.9 percent; Duarte, 56.7 percent; Inglewood, 55.1 percent; Barstow,
52.4 percent; San Gabriel, 52 percent; Huntington Park, 50.8 percent;
Yucaipa, 49.5 percent; Compton, 49.4 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
145,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
August 2004 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 Price Sales Sales
from from from from
Median Prior Prior Prior Prior
Price Month Year Month Year
Aug-04 Jul-04 Aug-03 Jul-04 Aug-03
Statewide
Calif. (sf) $474,370 2.6% 16.8% -7.6% -8.5%
Calif. (condo) $370,700 0.4% 25.3% -4.7% -10.7%
C.A.R. REGION
Central Valley $288,690 1.6% 24.2% -0.7% 15.9%
High Desert $236,890 1.0% 45.3% 3.5% 11.9%
Los Angeles $455,670 0.9% 21.6% 4.8% -8.9%
Monterey Region $613,120 -1.8% 19.4% -4.2% 8.5%
Monterey County $555,000 -1.8% 18.1% -2.7% 2.2%
Santa Cruz
County $639,000 0.6% 17.2% -6.2% 12.2%
Northern
California $366,050 4.1% 24.6% 2.4% 14.0%
Northern Wine
Country $505,790 1.1% 16.3% -7.8% -5.6%
Orange County $649,590 0.2% 24.1% -0.4% -36.8%
Palm Springs/
Lower Desert $326,740 -4.0% 24.7% -14.3% 8.2%
Riverside/
San Bernardino $310,120 -2.4% 35.7% -3.7% 6.9%
Sacramento $329,190 1.6% 29.0% -7.5% 4.5%
San Diego $579,040 -0.6% 30.3% -3.8% -17.5%
San Francisco
Bay $644,920 -1.0% 12.5% -8.6% -4.1%
San Luis Obispo $454,720 0.5% 16.6% -10.0% 11.4%
Santa Barbara
County $495,740 4.3% 3.4% -16.8% -29.2%
Santa Barbara
South Coast $989,000 -5.4% 8.1% -18.8% -46.8%
No. Santa
Barbara County $446,810 14.7% 40.3% 2.5% 2.5%
Santa Clara $625,000 -2.3% 10.6% -5.8% 0.2%
Ventura $626,730 0.0% 30.5% 5.7% -17.8%
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
Aug-04 Jul-04 Aug-03
Statewide
Calif. (sf) $474,370 $462,140 r $406,140 r
Calif. (condo) $370,700 $369,220 r $295,770 r
C.A.R. REGION
Central Valley $288,690 $284,200 r $232,410 r
High Desert $236,890 $234,520 $163,070
Los Angeles $455,670 $451,620 r $374,720
Monterey Region $613,120 $624,530 $513,650 r
Monterey County $555,000 $565,000 $469,900
Santa Cruz County $639,000 $635,000 $545,000
Northern California $366,050 $351,680 $293,890
Northern Wine Country $505,790 $500,450 $434,800
Orange County $649,590 $648,590 $523,600
Palm Springs/Lower Desert $326,740 $340,250 $262,120 r
Riverside/San Bernardino $310,120 $317,820 $228,560
Sacramento $329,190 $323,900 r $255,150 r
San Diego $579,040 $582,490 $444,230
San Francisco Bay $644,920 $651,150 $573,420 r
San Luis Obispo $454,720 $452,270 $390,150
Santa Barbara County $495,740 $475,470 $479,540
Santa Barbara South Coast $989,000 $1,045,000 $915,000 r
No. Santa Barbara County $446,810 $389,610 $318,460
Santa Clara $625,000 $640,000 $565,000
Ventura $626,730 $626,510 $480,410
na -- not available
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
