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| Median Price of a Home in California Increases 17.4 Percent in October, 23rd Consecutive Month of Double-Digit Increases, C.A.R. Reports |
LOS ANGELES, Nov. 25 /PRNewswire/ -- The median price of an existing home
in California in October increased 17.4 percent and sales increased
9.9 percent compared to the same period a year ago, the California Association
of REALTORS(R) (C.A.R.) reported today.
"Despite the fact that mortgage interest rates have leveled off in recent
weeks, consumers remain concerned about rates trending up in the coming
months," said C.A.R. President Ann Pettijohn. "Those concerns continued to
drive buyers into the housing market in October."
Closed escrow sales of existing, single-family detached homes in
California totaled 636,690 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
9.9 percent from the 579,240 sales pace recorded in October 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 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 2003 was $381,200, a 17.4 percent increase over the revised
$324,670 median for October 2002, C.A.R. reported. The October 2003 median
price decreased 1.2 percent compared to a revised $385,880 median price in
September.
"Price appreciation in California continues to outpace that of the
nation," said Leslie Appleton-Young, C.A.R.'s vice president and chief
economist. "The median price of a home in California has increased by double
digits for 23 consecutive months, a reflection of robust demand and a tight
housing market. In addition, year-to-date sales are up 3.5 percent compared
to the same period a year ago."
Highlights of C.A.R.'s resale housing figures for October 2003:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in October 2003 was 2.2 months, compared to 3.0 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 5.95 percent during
October 2003, down from 6.12 percent in October 2002, according to
Freddie Mac. Adjustable mortgage interest rates averaged 3.74 percent
in October 2003 compared to 4.27 percent in October 2002.
* The median number of days it took to sell a single-family home was 26
days in October 2003, compared to 25 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, 94.8 percent or 365 of 385 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 http://www.car.org/index.php?id=MzI5NjM= .
* Statewide, the 10 cities and communities with the highest median home
prices in California during October 2003 were: Laguna Beach, $1,055,000;
Malibu, $1,030,000; Beverly Hills, $980,000; Palos Verdes Estates,
$970,000; La Canada -Flintridge, $923,000; Manhattan Beach, $906,500;
Newport Beach, $860,000; Orinda, $835,000; Mill Valley, $780,000; Rancho
Palos Verdes, $750,000.
* Statewide, the 10 cities and communities with the greatest median home
price increases in October 2003 compared to the same period a year ago
were: Reedley, 55.5 percent; Duarte, 52.7 percent; Highland, 50.6
percent; Port Hueneme, 48.5 percent; San Juan Capistrano, 40.2 percent;
Bellflower, 38.1 percent; Perris, 37.9 percent; Huntington Park, 37.2
percent; San Clemente, 35.3 percent; Monrovia, 34.8 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.
October 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change Change Change Change
in in in in
Price Price Sales Sales
from from from from
October-03 Median Prior Prior Prior Prior
Price Month Year Month Year
Oct-03 Sep-03 Oct-02 Sep-03 Oct-02
Statewide
Calif. (sf) $381,200 -1.2% 17.4% 0.8% 9.9%
Calif. (condo) $291,810 -2.0% 17.4% 1.0% 19.2%
Region
Central Valley $230,730 -0.5% 15.4% 4.4% 21.1%
High Desert $168,720 -0.3% 23.5% 4.2% 18.3%
Los Angeles $369,370 -0.1% 23.4% -12.1% 6.3%
Monterey Region $491,060 -4.1% 8.0% 4.8% 24.8%
Monterey County $450,000 -3.0% 17.6% 19.6% 17.5%
Santa Cruz County $544,000 -0.2% 4.6% -2.8% 37.4%
Northern California $298,160 -0.6% 22.4% -5.5% 14.4%
Northern Wine Country $429,120 -2.1% 13.2% 1.2% 19.0%
Orange County $520,180 1.0% 19.4% -9.6% -2.8%
Palm Springs/Lower Desert $262,820 3.4% 19.6% 5.6% 33.5%
Riverside/San Bernardino $238,820 5.3% 30.0% 0.4% 9.2%
Sacramento $257,990 0.6% 15.7% -2.6% 9.8%
San Diego $449,340 3.6% 18.8% -10.1% 7.0%
San Francisco Bay $566,870 0.5% 8.8% -3.7% 24.2%
San Luis Obispo $388,750 4.8% 16.6% 18.0% 18.7%
Santa Barbara County $386,290 -12.3% -10.5% 8.2% 21.5%
Santa Barbara South Coast $875,000 -5.8% 8.6% -5.3% -2.2%
North Santa Barbara County $314,520 -7.3% 11.9% 16.5% 42.3%
Santa Clara $563,000 0.9% 5.2% 1.8% 39.0%
Ventura $470,510 -4.8% 20.3% -4.9% 7.4%
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
Oct-03 Sep-03 Oct-02
Statewide
Calif. (sf) $381,200 $385,880r $324,670r
Calif. (condo) $291,810 $297,780r $248,470r
Region
Central Valley $230,730 $231,780r $199,980r
High Desert $168,720 $169,280 $136,650
Los Angeles $369,370 $369,740 $299,210r
Monterey Region $491,060 $511,940 $454,840
Monterey County $450,000 $463,750 $382,500
Santa Cruz County $544,000 $545,000 $520,000
Northern California $298,160 $299,860 $243,670
Northern Wine Country $429,120 $438,200 $379,000
Orange County $520,180 $515,110 $435,650
Palm Springs/Lower Desert $262,820 $254,100 $219,670
Riverside/San Bernardino $238,820 $226,730 $183,700
Sacramento $257,990 $256,440r $223,010r
San Diego $449,340 $433,820 $378,290
San Francisco Bay $566,870 $564,270 $521,030
San Luis Obispo $388,750 $370,940 $333,330
Santa Barbara County $386,290 $440,620 $431,820r
Santa Barbara South Coast $875,000 $929,000r $806,000r
North Santa Barbara County $314,520 $339,230 $281,080
Santa Clara $563,000 $558,000 $535,000
Ventura $470,510 $494,470 $391,120
na -- not available
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
