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| Median Price Sets New Record With 20 Percent Gain in Third Quarter, Sales Post 17.3 Percent Increase, C.A.R. Reports |
LOS ANGELES, Nov. 13 /PRNewswire/ -- The median price of an existing,
single-family detached home in California hit a new record during the third
quarter of 2003, rising 20 percent to $386,340, the California Association of
REALTORS(R) (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in
California amounted to 624,490 for the third quarter of 2003 at a seasonally
adjusted annualized rate, a 17.3 percent increase from 532,460 in the third
quarter of 2002.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes
for the third quarter of 2003 was 2.2 months, compared to 2.8 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 6.06 percent during the
third quarter of 2003, down from 6.29 percent in the third quarter of 2002,
according to the Federal Home Loan Mortgage Corp. Adjustable mortgage
interest rates averaged 3.76 percent in the third quarter of 2003, down from
4.39 percent in the third quarter of 2002.
The median number of days it took to sell a single-family home was 26 days
in the third quarter of 2003, compared to 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 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, 96.7 percent or 441 of
456 California cities and communities showed an increase in their respective
median home prices during the third quarter of 2003 compared to the same
period 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=MzI4ODI=.
Among the highlights of the localized third-quarter data collected by
C.A.R. and DataQuick Information Systems:
-- The 10 cities and communities with the highest median home prices in
California during the third quarter 2003 were: Malibu, $1,239,500;
Belvedere/Tiburon, $1,225,000; Los Altos, $1,100,000; Manhattan Beach,
$1,080,000; Palos Verdes Estates, $1,050,000; Beverly Hills,
$1,000,000; Laguna Beach, $1,000,000; Saratoga, $995,000; Coronado,
$970,000; Pebble Beach, $945,000.
-- The 10 California cities and communities with the largest annual
increase in their respective median home prices during the
third quarter 2003 compared to the same period in 2002 were: Malibu,
57.9 percent; Sanger, 57.2 percent; San Juan Capistrano, 39.1 percent;
Atascadero, 38.6 percent; Artesia, 36.9 percent; San Fernando,
36 percent; Desert Hot Springs, 35.1 percent; Laguna Hills,
34.6 percent; Fontana, 33.5 percent; California City, 32.2 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.
REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data and Condo Sales Data Not Seasonally Adjusted
Percent
2003 Q3 Change in Percent Percent Percent
Price from Change in Change in Change in
Prior Price from Sales from Sales from
Median Price Quarter Prior Year Prior Quarter Prior Year
Q3/2003 Q2/2003 Q3/2002 Q2/2003 Q3/2002
Statewide
Calif.
(sf) $386,340 4.6% 20.0% 8.4% 17.3%
Calif.
(condo) $290,960 5.0% 19.9% 8.3% 19.6%
C.A.R.
REGION
Central
Valley $230,990 4.8% 17.4% 11.7% 16.8%
High Desert $163,450 9.3% 23.7% 11.3% 8.8%
Los Angeles $365,330 8.3% 25.4% 2.6% 13.5%
Monterey $511,670 4.5% 10.2% 12.9% 16.4%
Nor. Calif. $294,590 5.9% 22.0% 20.6% 16.3%
Nor. Wine
Country $434,860 3.0% 13.5% 10.1% 6.4%
Orange
County $510,760 8.3% 16.2% 7.8% 25.7%
Palm
Springs/
Lower
Desert $261,370 -0.4% 21.0% -3.4% 18.8%
Riverside/
S.B. $228,900 7.7% 26.5% 7.9% 6.5%
Sacramento $252,770 3.8% 14.7% 8.2% 12.3%
San Diego $436,520 7.3% 15.1% 14.9% 26.6%
San
Francisco
Bay $568,240 1.4% 7.0% 12.2% 30.9%
San Luis
Obispo $384,160 0.7% 15.0% -1.3% -7.5%
Santa
Barbara
County $468,370 15.9% 22.2% 23.3% 12.8%
Santa
Barbara
South
Coast $889,300 6.4% 12.7% 20.6% 24.0%
North
Santa
Barbara
County $325,810 9.7% 20.9% 18.5% 7.9%
Santa Clara $565,000 2.5% 2.4% 10.9% 38.8%
Ventura $477,600 2.3% 21.7% 8.0% 8.1%
* Based on closed escrow sales of single-family, detached homes only (no
condos). Reported 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 - Last Quarter, Prior Quarter, and Year Ago
Quarter
Q3/2003 Q2/2003 Q3/2002
Statewide
California (sf) $386,340 $369,380 r $321,950 r
California (condo) $290,960 $277,080 r $242,670 r
C.A.R. REGION
Central Valley $230,990 $220,400 r $196,680 r
High Desert $163,450 $149,550 $132,110
Los Angeles $365,330 $337,200 $291,380 r
Monterey $511,670 $489,430 $464,160
Northern California $294,590 $278,080 $241,470
Northern Wine Country $434,860 $422,240 $383,180
Orange County $510,760 $471,700 $439,410
Palm Springs/Lwr. Desert $261,370 $262,400 $216,070
Riverside/San Bernardino $228,900 $212,560 $180,980
Sacramento $252,770 $243,430 r $220,410 r
San Diego $436,520 $406,950 $379,170
San Francisco Bay $568,240 $560,240 $530,880 r
San Luis Obispo $384,160 $381,550 $334,110
Santa Barbara County $468,370 $404,050 $383,330 r
Santa Barbara South Coast $889,300 $835,850 r $789,140 r
North Santa Barbara County $325,810 $297,070 $269,560
Santa Clara $565,000 $551,460 $551,700
Ventura $477,600 $467,010 $392,370
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
