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| California Home Sales Leap 28 Percent in September, Median Price Posts 17.9 Percent Increase, C.A.R. Reports |
LOS ANGELES, Oct. 27 /PRNewswire/ -- The median price of an existing home
in California in September increased 17.9 percent and sales increased 28
percent compared to the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"We're continuing to experience the impact of the recent rise in mortgage
interest rates on home sales in California," said C.A.R. President Toby
Bradley. "Although interest rates are still near their historic lows, the
psychological impact of rising rates has created a heightened sense of urgency
in the housing market."
Closed escrow sales of existing, single-family detached homes in
California totaled 631,880 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 increased
28 percent from the 493,800 sales pace recorded in September 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 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 2003 was $380,040, a 17.9 percent increase over the revised
$322,450 median for September 2002, C.A.R. reported. The September 2003
median price decreased 5.0 percent compared to a revised $400,020 median price
in August.
"Year-to-date sales have increased 2.8 percent compared to the same period
a year ago, while unsold inventory remained near its record low at 2.1 months
in September," said Leslie Appleton-Young, C.A.R.'s vice president and chief
economist.
Highlights of C.A.R.'s resale housing figures for September 2003:
-- C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in September 2003 was 2.1 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 6.15 percent during
September 2003, up from 6.09 percent in September 2002, according to
Freddie Mac. Adjustable mortgage interest rates averaged 3.86 percent
in September 2003 compared to 4.29 percent in September 2002.
-- The median number of days it took to sell a single-family home was 26
days in September 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, 93.7 percent or 354 of 378 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=MzI2ODQ .
-- Statewide, the 10 cities and communities with the highest median home
prices in California during September 2003 were: Coronado, $1,156,250;
Manhattan Beach, $1,091,250; Palos Verdes Estates, $1,050,000; Laguna
Beach, $915,000; Newport Beach, $874,000; Hermosa Beach, $850,000;
Orinda, $836,000; Beverly Hills, $829,000; Calabasas, $800,000; Rancho
Palos Verdes, $790,000.
-- Statewide, the 10 cities and communities with the greatest median home
price increases in September 2003 compared to the same period a year
ago were: Montebello, 53.6 percent; Hercules, 52.7 percent; Agoura
Hills, 49.9 percent; Union City, 42.7 percent; California City, 42.7
percent; Wildomar, 42.6 percent; Upland, 42.6 percent; San Fernando,
41.0 percent; Newport Beach 41.0 percent; Hesperia, 39.5 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.
September 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent
Percent Percent Percent Change
Change in Change in Change in in Sales
Price from Price from Sales from from
Median Prior Prior Prior Prior
Price Month Year Month Year
September-03 Sep-03 Aug-03 Sep-02 Aug-03 Sep-02
Statewide
Calif.
(sf) $380,040 -5.0% 17.9% -2.1% 28.0%
Calif.
(condo) $293,820 1.7% 18.1% -9.8% 25.4%
C.A.R. Region
Central
Valley $231,020 -0.5% 14.5% -7.8% 24.5%
High
Desert $169,280 3.8% 24.5% 5.3% 28.9%
Los
Angeles $369,740 -1.3% 26.6% 1.4% 12.7%
Monterey
Region na na na na na
Monterey
County na na na na na
Santa Cruz
County na na na na na
Northern
California $299,860 2.0% 21.0% 3.5% 32.0%
Northern
Wine
Country $438,200 0.8% 15.0% -7.2% 15.9%
Orange
County $515,110 -1.6% 14.3% -16.8% 31.0%
Palm
Springs/
Lower
Desert $254,100 -5.1% 24.2% -12.5% 24.8%
Riverside/
San
Bernardino $226,730 -0.8% 24.4% 2.7% 23.0%
Sacramento $256,520 0.4% 13.7% -12.4% 14.4%
San Diego $433,820 -2.3% 13.2% -14.6% 33.0%
San
Francisco
Bay na na na na na
San Luis
Obispo $370,940 -4.9% 8.6% -1.1% 7.6%
Santa Barbara
County $440,620 -8.1% 24.6% -27.2% 7.4%
Santa Barbara
South Coast $903,500 -3.5% 27.3% -36.6% 17.9%
North Santa
Barbara
County $339,230 6.5% 22.5% -20.6% 0.8%
Santa Clara na na na na na
Ventura $494,470 2.9% 25.7% -9.1% 23.5%
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
Sep-03 Aug-03 Sep-02
Statewide
Calif. (sf) $380,040 $400,020 r $322,450 r
Calif. (condo) $293,820 $288,840 r $248,790 r
C.A.R. Region
Central
Valley $231,020 $232,250 r $201,760 r
High Desert $169,280 $163,070 $135,930
Los Angeles $369,740 $374,720 $292,060
Monterey
Region na $513,480 r $465,080
Monterey
County na $469,900 $395,000
Santa Cruz
County na $545,000 $529,250
Northern
California $299,860 $293,890 r $247,900
Northern
Wine Country $438,200 $434,800 $380,930
Orange
County $515,110 $523,600 $450,520
Palm Springs/
Lower Desert $254,100 $267,750 $204,580
Riverside/
San
Bernardino $226,730 $228,560 r $182,250
Sacramento $256,520 $255,540 r $225,550 r
San Diego $433,820 $444,230 $383,080
San
Francisco Bay na $564,500 r $524,050
San Luis
Obispo $370,940 $390,150 $341,670
Santa
Barbara
County $440,620 $479,540 $353,570 r
Santa
Barbara
South
Coast $903,500 $936,000 r $710,000 r
North Santa
Barbara
County $339,230 $318,460 $276,920
Santa Clara na $565,000 $549,000
Ventura $494,470 $480,410 $393,440
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
