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| Median Price of a Home in California Increases 21.4 Percent in October, Sales Post 0.5 Percent Increase, C.A.R. Reports |
LOS ANGELES, Nov. 23 /PRNewswire/ -- The median price of an existing home
in California in October increased 21.4 percent and sales increased
0.5 percent compared with the same period a year ago, the California
Association of REALTORS(R) (C.A.R.) reported today.
"While the median price of a home continued to charge ahead in October
compared with a year ago, sales moderated to a more sustainable pace, typical
for this time of year," said C.A.R. President Jim Hamilton.
"The inventory of homes for sale also increased to nearly a four-month
supply, compared with about a two-month supply a year ago," he said. "This is
giving buyers a greater number of options when looking for a home, and also is
reflected in the time it's taking to list and sell a home, which has increased
to 37 days -- its highest level since July 1999."
Closed escrow sales of existing, single-family detached homes in
California totaled 639,570 in October 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
0.5 percent from the 636,690 sales pace recorded in October 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the October 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 October 2004 was $460,370, a 21.4 percent increase over the revised
$379,120 median for October 2003, C.A.R. reported. The October 2004 median
price decreased 0.7 percent compared with a revised $463,620 median price in
September.
"Year-to-date sales are up 4.1 percent compared with the same period a
year ago, in line with our expectations," said Leslie Appleton-Young, C.A.R.'s
vice president and chief economist. "October was the ninth month where the
year-over-year price has increased by more than 20 percent, with the most
rapid appreciation occurring in the shrinking pockets of affordability in the
state -- the High Desert, Riverside/San Bernardino and Palm Springs/Lower
Desert regions."
Highlights of C.A.R.'s resale housing figures for October 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in October 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 5.72 percent during
October 2004, down from 5.95 percent in October 2003, according to
Freddie Mac. Adjustable mortgage interest rates averaged 4.02 percent
in October 2004 compared to 3.74 percent in October 2003.
* The median number of days it took to sell a single-family home was
37 days in October 2004, compared with 26.2 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, 99.3 percent or 417 of 420 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 http://www.car.org/index.php?id=MzQzNTE=. (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 October 2004 were: Laguna Beach,
$1,400,000; Los Altos, $1,399,000; Newport Beach, $1,278,250;
Burlingame, $1,180,000; Palos Verdes Estates, $1,170,000;
Beverly Hills, $1,155,000; Calabasas, $1,137,000; Coronado,
$1,125,000; Saratoga, $1,108,000; Mill Valley, $905,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in October 2004 compared with the same period a year
ago were: Victorville, 54.6 percent; Redlands, 54.6 percent; Hesperia,
53.3 percent; Barstow, 53.3 percent; West Sacramento, 53.3 percent;
Calabasas, 51.7 percent; Adelanto, 51.2 percent; California City,
50 percent; Newport Beach, 48.6 percent; Desert Hot Springs,
47.2 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.
October 2004 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent
Change
Percent Percent Percent in Sales
Change in Change in Change in from
Median Price from Price from Sales from Prior
Price Prior Month Prior Year Prior Month Year
Oct-04 Sep-04 Oct-03 Sep-04 Oct-03
Statewide
Calif. (sf) $460,370 -0.7% 21.4% 2.1% 0.5%
Calif. (condo) $373,310 1.1% 26.1% -5.5% -13.7%
C.A.R. REGION
Central Valley $295,640 0.4% 27.6% -4.5% 5.3%
High Desert $239,400 0.4% 41.9% -5.5% -4.9%
Los Angeles $458,170 -0.1% 24.0% -16.5% -9.7%
Monterey Region $631,810 0.5% 28.7% -1.7% 0.4%
Monterey County $578,000 0.5% 28.4% 1.3% -1.5%
Santa Cruz County $660,000 2.3% 21.3% -4.9% 5.0%
Northern
California $369,060 -1.5% 23.8% -4.2% 4.1%
Northern Wine
Country $520,980 3.1% 21.4% -6.4% -5.8%
Orange County $622,090 -1.8% 19.6% -0.2% -11.7%
Palm Springs/
Lower Desert $342,310 0.2% 33.9% 8.2% 12.6%
Riverside/
San Bernardino $317,990 3.9% 33.2% 3.3% -1.4%
Sacramento $339,720 1.3% 32.0% -15.8% -7.6%
San Diego $566,740 -1.1% 26.1% -5.2% -3.0%
San Francisco Bay $652,350 1.6% 15.1% -6.7% -6.7%
San Luis Obispo $465,560 -3.8% 19.8% -12.8% -18.1%
Santa Barbara
County $609,850 -19.4% 53.4% 1.8% -8.0%
Santa Barbara
South Coast $1,053,750 11.0% 20.4% -16.1% -3.9%
North Santa
Barbara County $432,000 -0.2% 37.4% 20.0% -10.8%
Santa Clara $636,000 1.0% 13.0% -6.1% -0.1%
Ventura $584,950 -4.6% 24.3% -4.6% -20.8%
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
Median Prices By Region -- Current Month vs. Year Ago
Oct-04 Sep-04 Oct-03
Statewide
Calif. (sf) $460,370 $463,620 r $379,120 r
Calif. (condo) $373,310 $369,380 r $296,040 r
C.A.R. REGION
Central Valley $295,640 $294,330 r $231,730 r
High Desert $239,400 $238,340 $168,720
Los Angeles $458,170 $458,590 r $369,370 r
Monterey Region $631,810 $628,660 $491,060
Monterey County $578,000 $575,000 $450,000
Santa Cruz County $660,000 $645,000 $544,000
Northern California $369,060 $374,810 $298,160
Northern Wine Country $520,980 $505,290 $429,120
Orange County $622,090 $633,340 $520,180
Palm Springs/Lower Desert $342,310 $341,460 $255,590 r
Riverside/San Bernardino $317,990 $306,180 $238,820
Sacramento $339,720 $335,280 r $257,440 r
San Diego $566,740 $573,080 $449,340
San Francisco Bay $652,350 $642,360 $566,870
San Luis Obispo $465,560 $483,900 $388,750
Santa Barbara County $609,850 $756,250 $397,580 r
Santa Barbara South Coast $1,053,750 $949,000 $875,000
North Santa Barbara County $432,000 $432,650 $314,520
Santa Clara $636,000 $630,000 $563,000
Ventura $584,950 $613,200 $470,510
na -- not available
r -- revised
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
