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| Median Price of a Home in California Increases 23.1 Percent in November, Sales Up 4 percent to New Record, C.A.R. Reports |
LOS ANGELES, Dec. 22 /PRNewswire/ -- The median price of an existing home
in California in November increased 23.1 percent and sales increased 4 percent
compared with the same period a year ago, the California Association of
REALTORS(R) (C.A.R.) reported today.
"Sales hit an all-time high in November as consumers snapped up single-
family homes at a record pace," said C.A.R. President Jim Hamilton. "The
median price of a home in California continued its upward march, increasing by
double-digits for the 36th month in a row to $473,260."
Closed escrow sales of existing, single-family detached homes in
California totaled 652,340 in November 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
4 percent from the 627,190 sales pace recorded in November 2003.
The statewide sales figure represents what the total number of homes sold
during 2004 would be if sales maintained the November 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 November 2004 was $473,260, a 23.1 percent increase over the revised
$384,470 median for November 2003, C.A.R. reported. The November 2004 median
price increased 2.9 percent compared with a revised $459,800 median price in
October.
"While the inventory of homes for sale has increased to more than a three-
months' supply, consumer demand and the low mortgage interest rate environment
are still driving the market," said Leslie Appleton-Young, C.A.R.'s vice
president and chief economist. "Time on the market has trended up to 40 days,
an indication that buyers are taking more time prior to making the purchase
decision compared with the frenzied pace we witnessed most of this year."
Highlights of C.A.R.'s resale housing figures for November 2004:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in November 2004 was 3.4 months, compared with 2.2 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 5.73 percent during
November 2004, down from 5.93 percent in November 2003, according to
Freddie Mac. Adjustable mortgage interest rates averaged 4.15 percent
in November 2004 compared with 3.75 percent in November 2003.
* The median number of days it took to sell a single-family home was
40 days in November 2004, compared with 27 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 ares 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, 98.5 percent or 400 of 406 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=MzQ0MTY.
* Statewide, the 10 cities and communities with the highest median home
prices in California during November 2004 were: Los Altos, $1,400,000;
Malibu, $1,387,500; Saratoga, $1,300,000; Burlingame, $1,300,000;
Manhattan Beach, $1,267,000; Calabasas, $1,175,000; Newport Beach,
$1,050,000; Palos Verdes Estates, $980,000; Hermosa Beach, $972,000;
La Jolla, $947,500.
* Statewide, the 10 cities and communities with the greatest median home
price increases in November 2004 compared with the same period a year
ago were: Adelanto, 84.5 percent; Calabasas, 59.5 percent; Santa
Barbara, 58.7 percent; San Bernardino, 55.6 percent; Cathedral City,
54.3 percent; Inglewood, 53 percent; Pomona, 51.3 percent; West
Sacramento, 49.8 percent; Barstow, 49.7 percent; Beaumont,
49.6 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
155,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
November 2004 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change Change Change Change
in Price in Price in Sales in Sales
from from from from
Median Prior Prior Prior Prior
Price Month Year Month Year
Nov-04 Oct-04 Nov-03 Oct-04 Nov-03
Statewide
Calif. (sf) $473,260 2.9% 23.1% 2.0% 4.0%
Calif. (condo) $378,350 1.5% 25.9% -4.2% 1.1%
Region
Central Valley $299,290 0.9% 27.5% -15.0% 14.4%
High Desert $248,320 3.7% 43.9% -3.8% 16.4%
Los Angeles $474,570 3.6% 24.2% 0.7% 3.4%
Monterey Region $634,500 0.4% 29.6% -12.1% 10.1%
Monterey County $598,000 3.5% 31.4% -15.4% 7.6%
Santa Cruz County $630,000 -4.5% 18.2% -8.8% 9.6%
Northern
California $376,620 2.0% 26.0% -11.2% 11.9%
Northern Wine
Country $536,980 3.1% 20.7% -4.3% 16.5%
Orange County $633,340 1.8% 20.3% 2.0% 2.1%
Palm Springs/Lwr.
Desert $326,220 -4.7% 32.4% 4.9% 37.8%
Riverside/
San Bernardino $321,950 1.2% 36.9% -16.3% -4.8%
Sacramento $346,170 2.5% 33.1% -17.7% 5.6%
San Diego $564,830 -0.3% 24.2% -7.7% 3.4%
San Francisco Bay $661,660 1.4% 15.2% -2.6% 12.3%
San Luis Obispo $475,560 2.1% 23.5% 0.0% 4.7%
Santa Barbara
County $668,750 9.7% 72.3% -17.3% 9.1%
Santa Barbara
South Coast $1,175,000 13.5% 46.9% -15.7% 30.3%
North Santa
Barbara County $429,760 -0.5% 28.0% -20.5% -3.7%
Santa Clara $649,000 2.0% 15.9% -7.2% 9.4%
Ventura $595,910 1.9% 25.5% -1.7% 2.1%
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.
sf = single-family, detached home
Source: California Association of REALTORS(R)
Median Prices By Region - Current Month vs. Year Ago
Nov-04 Oct-04 Nov-03
Statewide
Calif. (sf) $473,260 $459,800 r $384,470 r
Calif. (condo) $378,350 $372,660 r $300,610 r
C.A.R. REGION
Central Valley $299,290 $296,550 r $234,710 r
High Desert $248,320 $239,400 $172,620
Los Angeles $474,570 $458,210 r $382,190
Monterey Region $634,500 $631,810 $489,520
Monterey County $598,000 $578,000 $455,000
Santa Cruz County $630,000 $660,000 $533,000
Northern California $376,620 $369,060 $298,920
Northern Wine Country $536,980 $520,980 $444,970
Orange County $633,340 $622,090 $526,270
Palm Springs/Lower Desert $326,220 $342,310 $246,340 r
Riverside/San Bernardino $321,950 $317,990 $235,150
Sacramento $346,170 $337,780 r $260,010 r
San Diego $564,830 $566,740 $454,620
San Francisco Bay $661,660 $652,350 $574,340
San Luis Obispo $475,560 $465,560 $385,090
Santa Barbara County $668,750 $609,850 $388,090 r
Santa Barbara South Coast $1,175,000 $1,035,000 r $800,000 r
North Santa Barbara County $429,760 $432,000 $335,710
Santa Clara $649,000 $636,000 $560,000
Ventura $595,910 $584,950 $475,000
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
