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| Median Price of a Home in California Breaks $400,000 Barrier for First Time, Sales Set New Record in August, C.A.R. Reports |
LOS ANGELES, Sept. 25 /PRNewswire/ -- The median price of an existing home
in California in August increased 21.1 percent and sales increased
14.7 percent compared to the same period a year ago, the California
Association of REALTORS(R) (C.A.R.) reported today.
"Consumers' concerns about the recent up-tick in mortgage interest rates
pushed sales into record territory last month as buyers jumped into the
housing market," said C.A.R. President Toby Bradley. "The median price of a
home broke the $400,000 mark for the first time in history, increasing to a
record $404,870 in August."
Closed escrow sales of existing, single-family detached homes in
California totaled a record 645,720 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
increased 14.7 percent from the 562,780 sales pace recorded in August 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 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 2003 was a record $404,870, a 21.1 percent increase over the
$334,270 median for August 2002, C.A.R. reported. The August 2003 median
price increased 5.6 percent compared to a $383,390 median price in July.
"All regions of the state recorded a marked increase in sales activity
last month," said Leslie Appleton-Young, C.A.R.'s vice president and chief
economist. "Year-to-date sales are comparable to last year's pace at this
point in time."
Highlights of C.A.R.'s resale housing figures for August 2003:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in August 2003 was 2.1 months, compared to 2.6 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 6.30 percent during
August 2003, up from 6.29 percent in August 2002, according to Freddie
Mac. Adjustable mortgage interest rates averaged 3.82 percent in
August 2003 compared to 4.38 percent in August 2002.
* The median number of days it took to sell a single-family home was
26 days in August 2003, compared to a revised 23 days 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 percent or 345 of 362 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=MzI1MjU= .
* Statewide, the 10 cities and communities with the highest median home
prices in California during August 2003 were: Malibu, $1,265,000;
Laguna Beach, $1,227,500; Palos Verdes Estates, $1,075,000; Manhattan
Beach, $1,050,000; Beverly Hills, $1,027,500; Newport Beach, $939,000;
Coronado, $925,000; La Canada-Flintridge, $837,500; Mill Valley,
$835,000; Rancho Palos Verdes, $799,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in August 2003 compared to the same period a year ago
were: Malibu, 61 percent; Arcadia, 49.5 percent; Laguna Hills,
43.7 percent; La Canada-Flintridge, 42.7 percent; Montclair,
40.6 percent; Laguna Beach, 38.3 percent; San Fernando, 34.1 percent;
Chino, 34 percent; Redlands, 33.7 percent; Glendale, 33.3 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.
August 2003 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
August-03 Median from Prior from Prior from Prior from Prior
Price Month Year Month Year
Aug-03 Jul-03 Aug-02 Jul-03 Aug-02
Statewide
Calif. (sf) $404,870 5.6% 21.1% 8.4% 14.7%
Calif.
(condo) $290,330 1.3% 25.3% 6.5% 16.6%
C.A.R. Region
Central
Valley $231,760 0.9% 17.2% 5.1% 12.9%
High Desert $163,070 4.0% 25.4% 3.2% 0.7%
Los Angeles $374,720 4.5% 24.5% 5.0% 9.3%
Monterey
Region na na na na na
Monterey
County $469,900 5.6% 17.8% 1.3% 4.7%
Santa Cruz $545,000 0.9% 1.0% -0.9% 4.7%
Northern
California na na na na na
Northern Wine
Country $434,800 0.9% 12.7% 3.8% 2.6%
Orange County $523,600 5.5% 19.7% 1.4% 28.3%
Palm Springs/
Lower Desert $267,750 2.3% 22.0% 3.8% 23.7%
Riverside/
San Bernardino na na na na na
Sacramento $255,930 3.6% 15.7% 0.6% 4.8%
San Diego $444,230 3.2% 17.3% 4.2% 26.5%
San Francisco
Bay na na na na na
San Luis
Obispo $390,150 -0.3% 11.7% -16.7% -16.7%
Santa Barbara
County $479,540 -1.4% 18.0% 27.0% 20.9%
Santa Barbara
South Coast $950,000 15.6% 13.8% 17.5% 23.7%
North Santa
Barbara
County $318,460 -0.1% 18.0% 30.1% 18.5%
Santa
Clara $565,000 2.7% 4.6% 1.9% 56.9%
Ventura $480,410 4.8% 23.6% 10.1% 2.6%
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
Aug-03 Jul-03 Aug-02
Statewide
Calif. (sf) $404,870 $383,390 $334,270
Calif. (condo) $290,330 $286,490 $231,710
Region
Central Valley $231,760 $229,660 r 197,680 r
High Desert $163,070 $156,740 $130,090
Los Angeles $374,720 $358,710 $300,980 r
Monterey Region na na $466,850
Monterey County $469,900 $445,000 $399,000
Santa Cruz County $545,000 $540,000 $539,500
Northern California na $291,280 $237,200
Northern Wine Country $434,800 $431,060 $385,760
Orange County $523,600 $496,370 $437,360
Palm Springs/Lower Desert $267,750 $261,790 $219,520
Riverside/San Bernardino na $231,300 $179,910
Sacramento $255,930 $247,120 r $221,110 r
San Diego $444,230 $430,470 $378,830
San Francisco Bay na na $527,320
San Luis Obispo $390,150 $391,360 $349,260
Santa Barbara County $479,540 $486,360 $406,250 r
Santa Barbara South Coast $950,000 $822,000 r $835,000 r
North Santa Barbara County $318,460 $318,750 $269,870
Santa Clara $565,000 $550,000 $540,000
Ventura $480,410 $458,600 $388,690
na - not available
r - revised
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
