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| Median Price of a Home in California Increases 21 Percent in September, Sales Decline 0.9 Percent, C.A.R. Reports |
LOS ANGELES, Oct. 25 /PRNewswire/ -- The median price of an existing home
in California in September increased 21 percent and sales decreased
0.9 percent compared with the same period a year ago, the California
Association of REALTORS(R) (C.A.R.) reported today.
"Although the median price of a home in California declined slightly in
September compared with the previous month, the trend of year-over-year double
digit gains continued," said C.A.R. President Ann Pettijohn.
Closed escrow sales of existing, single-family detached homes in
California totaled 626,220 in September 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
0.9 percent from the 631,880 sales pace recorded in September 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the September 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 September 2004 was $465,540, a 21 percent increase over the revised
$384,690 median for September 2003, C.A.R. reported. The September 2004
median price decreased 1.7 percent compared with a revised $473,360 median
price in August.
"The higher inventory of homes for sale has mitigated some of the upward
pressure on home prices," said Leslie Appleton-Young, C.A.R.'s vice president
and chief economist. "Year-to-date sales are up 4.5 percent, in line with our
expectation that sales for all of 2004 will post and increase above 2003's
record levels."
Highlights of C.A.R.'s resale housing figures for September 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in September 2004 was 3.7 months, compared with 2.1 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 5.75 percent during
September 2004, down from 6.15 percent in September 2003, according to
Freddie Mac. Adjustable mortgage interest rates averaged 3.99 percent
in September 2004 compared with 3.86 percent in September 2003.
* The median number of days it took to sell a single-family home was
30 days in September 2004, compared with 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 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, 98.8 percent or 425 of 430 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=MzQyNTc=. (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 September 2004 were: Manhattan Beach,
$1,425,000; Beverly Hills, $1,380,000; Laguna Beach, $1,300,000;
Coronado, $1,295,000; Los Altos, $1,264,250; Saratoga, $1,259,000;
Burlingame, $1,227,000; Palos Verdes Estates, $1,189,000; Carmel,
$1,131,500; Newport Beach, $977,750.
* Statewide, the 10 cities and communities with the greatest median home
price increases in September 2004 compared with the same period a year
ago were: Beverly Hills, 66.5 percent; Nevada City, 61.9 percent;
Yucaipa, 59.3 percent; Truckee, 55.7 percent; Patterson, 54.3 percent;
Port Hueneme, 51.4 percent; Paramount, 51.4 percent; Rialto,
50 percent; Inglewood, 50 percent; Auburn, 49.2 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
150,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
September 2004 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent
Change Change Change
in Price Percent in Sales in Sales
from Change in from from
Median Prior Price from Prior Prior
Price Month Prior Year Month Year
Sep-04 Aug-04 Sep-03 Aug-04 Sep-03
Statewide
Calif. (sf) $465,540 -1.7% 21.0% 5.9% -0.9%
Calif. (condo) $369,830 -0.3% 22.7% -5.8% -9.6%
C.A.R. REGION
Central Valley $293,770 1.5% 26.7% -9.2% 13.9%
High Desert $238,340 0.6% 40.8% -1.3% 4.9%
Los Angeles $459,660 0.9% 24.3% 7.0% -3.9%
Monterey Region $628,660 2.5% 22.8% -1.0% 7.0%
Monterey County $575,000 3.6% 24.0% -4.3% 16.3%
Santa Cruz County $645,000 0.9% 18.3% 2.7% 7.3%
Northern California $374,810 2.4% 25.0% -6.7% 2.7%
Northern Wine
Country $505,290 -0.1% 15.3% 0.1% 1.9%
Orange County $633,340 -2.5% 23.0% 5.4% -20.0%
Palm Springs/
Lower Desert $341,460 4.5% 38.9% -11.5% 8.9%
Riverside/
San Bernardino $306,180 -1.3% 35.0% -7.9% -4.1%
Sacramento $337,520 2.8% 31.8% -12.6% 4.0%
San Diego $573,080 -1.0% 32.1% -4.8% -8.0%
San Francisco Bay $642,360 -0.4% 13.8% -5.0% -3.7%
San Luis Obispo $483,900 6.4% 30.5% -1.5% 10.9%
Santa Barbara
County** $756,250 52.5% 68.1% 6.6% 1.3%
S. Barbara South
Coast $949,000 -6.0% -0.1% 34.5% 20.6%
No. Santa Barbara
County $432,650 5.1% 27.5% -16.0% -13.4%
Santa Clara $630,000 0.8% 12.9% -4.8% 8.3%
Ventura $613,200 -2.2% 24.0% -12.7% -21.1%
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.
** Santa Barbara County median price increased significantly from
August 04 primarily due to the change in sales composition of Santa
Barbara South Coast and North Santa Barbara County
sf = single-family, detached home
Median Prices By Region - Current Month vs. Year Ago
Sep-04 Aug-04 Sep-03
Statewide
Calif. (sf) $465,540 $473,360 r $384,690 r
Calif. (condo) $369,830 $370,860 r $301,410 r
C.A.R. REGION
Central Valley $293,770 $289,360 r $231,950 r
High Desert $238,340 $236,890 $169,280
Los Angeles $459,660 $455,590 r $369,740
Monterey Region $628,660 $613,120 $511,940
Monterey County $575,000 $555,000 $463,750
Santa Cruz County $645,000 $639,000 $545,000
Northern California $374,810 $366,050 $299,860
Northern Wine Country $505,290 $505,790 $438,200
Orange County $633,340 $649,590 $515,110
Palm Spgs/Lower Desert $341,460 $326,740 $245,790 r
Riverside/San Bernardino $306,180 $310,120 $226,730
Sacramento $337,520 $328,410 r $256,160 r
San Diego $573,080 $579,040 $433,820
San Francisco Bay $642,360 $644,920 $564,270
San Luis Obispo $483,900 $454,720 $370,940
Santa Barbara County $756,250 $495,740 $450,000 r
S. Barbara South Coast $949,000 $1,010,000 r $950,000 r
N. Santa Barbara County $432,650 $411,700 r $339,230
Santa Clara $630,000 $625,000 $558,000
Ventura $613,200 $626,730 $494,470
na - not available
r - revised
SOURCE California Association of REALTORS
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CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
