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| Homesellers Reaped Record $150,000 Gain in 2003, According to California Association of REALTORS(R) Report |
LOS ANGELES, Dec. 29 /PRNewswire/ -- Propelled by double-digit price
appreciation that was twice that of the nation, California homesellers reaped
a record median gain of $150,000 in 2003, according to the "State of the
Housing Market 2003" report by the California Association of REALTORS(R)
(C.A.R.).
"Net cash to sellers has never been higher since C.A.R. began conducting
our annual survey of the California housing market," said C.A.R. Vice
President and Chief Economist Leslie Appleton-Young. "Sellers in 2003
realized an 8 percent annualized rate of return, far exceeding the returns on
many other investment options."
C.A.R. has conducted its annual housing market survey since 1981.
For buyers, robust price appreciation impacted the home financing
component of the purchase transaction, according to the report.
"As the median home price soared to historic highs, the median downpayment
rose by 20 percent in 2003 to $59,000," Appleton-Young said. "There also was
a $60,000 gap between the median downpayment of a repeat buyer ($86,950) and
that of a first-time buyer ($25,500)."
The "State of the Housing Market 2003" report also revealed that nearly
one out of four transactions in 2003 involved a second mortgage, an 18 percent
increase compared to 2002 and well above the 20-year record low of 4.4 percent
in 1988, but below that of the 1980 when their use exceeded 40 percent.
To purchase C.A.R.'s "State of the Housing Market 2003" call
(213) 739-8352 or e-mail maryp@car.org. Cost for an electronic version is
$29.95 for C.A.R. members and $59.90 for non-members; and $49.95 for a hard
copy for C.A.R. members and $99.90 for non-members.
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.
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
