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| Median Price of a Home in California Increases 17.8 Percent in November, Sales up 15.7 Percent, C.A.R. Reports |
LOS ANGELES, Dec. 23 /PRNewswire/ -- The median price of an existing home
in California in November increased 17.8 percent and sales increased
15.7 percent compared to the same period a year ago, the California
Association of REALTORS(R) (C.A.R.) reported today.
"The California housing market continues to surge forward as we approach
the end of 2003," said C.A.R. President Ann Pettijohn. "Mortgage interest
rates have hovered below 6 percent -- a boon to the housing market under any
circumstance, and a major factor contributing to the record performance thus
far this year."
Closed escrow sales of existing, single-family detached homes in
California totaled 627,190 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
15.7 percent from the 542,120 sales pace recorded in November 2002.
The statewide sales figure represents what the total number of homes sold
during 2003 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 2003 was $386,760, a 17.8 percent increase over the revised
$328,440 median for November 2002, C.A.R. reported. The November 2003 median
price increased 1.7 percent compared to a revised $380,350 median price in
October.
"The Southern California and Central Valley real estate markets were very
strong last year, and 2003 has been no exception," said Leslie Appleton-Young,
C.A.R.'s vice president and chief economist. "This year, San Francisco Bay
Area sales are up dramatically compared to the second half of last year, which
has propelled the statewide market into record high sales territory over the
past few months."
Highlights of C.A.R.'s resale housing figures for November 2003:
* C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in November 2003 was 2.3 months, compared to 3.1 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 5.93 percent during
November 2003, down from 6.05 percent in November 2002, according to
Freddie Mac. Adjustable mortgage interest rates averaged 3.75 percent
in November 2003 compared to 4.14 percent in November 2002.
* The median number of days it took to sell a single-family home was 27
days in November 2003, compared to 28 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, 92.5 percent or 356 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 localized data collected by C.A.R. and
DataQuick at http://www.car.org/index.php?id=MzMwNDk .
* Statewide, the 10 cities and communities with the highest median home
prices in California during November 2003 were: Los Altos, $1,297,500;
Palos Verdes Estates, $1,150,000; Laguna Beach, $1,130,000; Malibu,
$1,125,000; Beverly Hills, $1,012,500; Manhattan Beach, $1,000,000;
Saratoga, $913,250; Rancho Palos Verdes, $822,500; Mill Valley,
$821,000; Newport Beach, $794,500.
* Statewide, the 10 cities and communities with the greatest median home
price increases in November 2003 compared to the same period a year ago
were: Palos Verdes Estates, 58.7 percent; Desert Hot Springs, 54.6
percent; Highland, 47.1 percent; Gardena, 43.2 percent; Santa Paula,
43.1 percent; Placerville, 42.2 percent; Malibu, 42 percent; Glendale,
41.9 percent; Dana Point, 41.9 percent; Montclair, 40.6 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
130,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
November 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent
Change in Percent Change in Percent
Price from Change in Sales from Change in
Prior Price from Prior Sales from
November-03 Median Price Month Prior Year Month Prior Year
Nov-03 Oct-03 Nov-02 Oct-03 Nov-02
Statewide
Calif.
(sf) $386,760 1.7% 17.8% -1.5% 15.7%
Calif.
(condo) $296,050 1.5% 15.6% -17.8% 16.4%
C.A.R. Region
Central
Valley na na na na na
High Desert $172,620 2.3% 23.0% -21.4% 9.4%
Los Angeles $382,190 3.5% 23.2% -9.3% 5.6%
Monterey
Region $489,520 -0.3% 7.3% -19.9% 30.3%
Monterey
County $455,000 1.1% 19.8% -24.8% 28.6%
Santa Cruz
County $533,000 -2.0% 4.5% -11.7% 34.4%
Northern
California $298,920 0.3% 19.2% -17.4% 5.5%
Northern
Wine
Country $444,970 3.7% 17.5% -22.6% -4.3%
Orange
County $526,270 1.2% 21.2% -11.9% 5.8%
Palm Springs/
Lower Desert $253,690 -3.5% 9.8% -14.5% 20.4%
Riverside/
San Bernardino $235,150 -1.5% 23.9% -13.3% 8.9%
Sacramento $261,310 1.5% 16.1% -26.5% -2.8%
San Diego $454,620 1.2% 20.3% -13.4% 8.7%
San Francisco
Bay $574,340 1.3% 11.4% -19.1% 16.5%
San Luis
Obispo $385,090 -0.9% 11.5% -21.8% -1.7%
Santa Barbara
County $384,130 -0.6% 5.7% -28.3% -9.6%
Santa Barbara
South Coast $735,000 -16.0% 0.7% -16.9% 0.0%
North Santa
Barbara
County $335,710 6.7% 20.7% -26.4% -4.4%
Santa Clara $560,000 -0.5% 4.7% -17.6% 33.2%
Ventura $475,000 1.0% 22.6% -23.8% -8.2%
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-03 Oct-03 Nov-02
Statewide
Calif. (sf) $386,760 $380,350 r $328,440 r
Calif. (condo) $296,050 $291,660 r $256,060 r
C.A.R. Region
Central Valley na $231,300 r $202,320 r
High Desert $172,620 $168,720 $140,340
Los Angeles $382,190 $369,220 r $310,270 r
Monterey Region $489,520 $491,060 $456,060
Monterey County $455,000 $450,000 $379,900
Santa Cruz County $533,000 $544,000 $510,000
Northern California $298,920 $298,160 $250,860
Northern Wine Country $444,970 $429,120 $378,730
Orange County $526,270 $520,180 $434,110
Palm Springs/Lower Desert $253,690 $262,820 $231,110
Riverside/San Bernardino $235,150 $238,820 $189,860
Sacramento $261,310 $257,370 r $225,000 r
San Diego $454,620 $449,340 $378,040
San Francisco Bay $574,340 $566,870 $515,460
San Luis Obispo $385,090 $388,750 $345,450
Santa Barbara County $384,130 $386,290 $363,330 r
Santa Barbara South Coast $735,000 $875,000 r $730,000 r
North Santa Barbara County $335,710 $314,520 $278,050
Santa Clara $560,000 $563,000 $535,000
Ventura $475,000 $470,510 $387,350
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
