California Home Sales Leap 28 Percent in September, Median Price Posts 17.9 Percent Increase, C.A.R. Reports
28 October 2003 - 7:47AM
PR Newswire (US)
California Home Sales Leap 28 Percent in September, Median Price
Posts 17.9 Percent Increase, C.A.R. Reports LOS ANGELES, Oct. 27
/PRNewswire/ -- The median price of an existing home in California
in September increased 17.9 percent and sales increased 28 percent
compared to the same period a year ago, the California Association
of REALTORS(R) (C.A.R.) reported today. "We're continuing to
experience the impact of the recent rise in mortgage interest rates
on home sales in California," said C.A.R. President Toby Bradley.
"Although interest rates are still near their historic lows, the
psychological impact of rising rates has created a heightened sense
of urgency in the housing market." Closed escrow sales of existing,
single-family detached homes in California totaled 631,880 in
September 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 28
percent from the 493,800 sales pace recorded in September 2002. The
statewide sales figure represents what the total number of homes
sold during 2003 would be if sales maintained the September 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
September 2003 was $380,040, a 17.9 percent increase over the
revised $322,450 median for September 2002, C.A.R. reported. The
September 2003 median price decreased 5.0 percent compared to a
revised $400,020 median price in August. "Year-to-date sales have
increased 2.8 percent compared to the same period a year ago, while
unsold inventory remained near its record low at 2.1 months in
September," said Leslie Appleton-Young, C.A.R.'s vice president and
chief economist. Highlights of C.A.R.'s resale housing figures for
September 2003: -- C.A.R.'s Unsold Inventory Index for existing,
single-family detached homes in September 2003 was 2.1 months,
compared to 2.6 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 6.15 percent
during September 2003, up from 6.09 percent in September 2002,
according to Freddie Mac. Adjustable mortgage interest rates
averaged 3.86 percent in September 2003 compared to 4.29 percent in
September 2002. -- The median number of days it took to sell a
single-family home was 26 days in September 2003, compared to a
revised 23 days 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, 93.7 percent or 354 of
378 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=MzI2ODQ .
-- Statewide, the 10 cities and communities with the highest median
home prices in California during September 2003 were: Coronado,
$1,156,250; Manhattan Beach, $1,091,250; Palos Verdes Estates,
$1,050,000; Laguna Beach, $915,000; Newport Beach, $874,000;
Hermosa Beach, $850,000; Orinda, $836,000; Beverly Hills, $829,000;
Calabasas, $800,000; Rancho Palos Verdes, $790,000. -- Statewide,
the 10 cities and communities with the greatest median home price
increases in September 2003 compared to the same period a year ago
were: Montebello, 53.6 percent; Hercules, 52.7 percent; Agoura
Hills, 49.9 percent; Union City, 42.7 percent; California City,
42.7 percent; Wildomar, 42.6 percent; Upland, 42.6 percent; San
Fernando, 41.0 percent; Newport Beach 41.0 percent; Hesperia, 39.5
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. September 2003 REGIONAL
SALES AND PRICE ACTIVITY* Regional and Condo Sales Data Not
Seasonally Adjusted Percent Percent Percent Percent Change Change
in Change in Change in in Sales Price from Price from Sales from
from Median Prior Prior Prior Prior Price Month Year Month Year
September-03 Sep-03 Aug-03 Sep-02 Aug-03 Sep-02 Statewide Calif.
(sf) $380,040 -5.0% 17.9% -2.1% 28.0% Calif. (condo) $293,820 1.7%
18.1% -9.8% 25.4% C.A.R. Region Central Valley $231,020 -0.5% 14.5%
-7.8% 24.5% High Desert $169,280 3.8% 24.5% 5.3% 28.9% Los Angeles
$369,740 -1.3% 26.6% 1.4% 12.7% Monterey Region na na na na na
Monterey County na na na na na Santa Cruz County na na na na na
Northern California $299,860 2.0% 21.0% 3.5% 32.0% Northern Wine
Country $438,200 0.8% 15.0% -7.2% 15.9% Orange County $515,110
-1.6% 14.3% -16.8% 31.0% Palm Springs/ Lower Desert $254,100 -5.1%
24.2% -12.5% 24.8% Riverside/ San Bernardino $226,730 -0.8% 24.4%
2.7% 23.0% Sacramento $256,520 0.4% 13.7% -12.4% 14.4% San Diego
$433,820 -2.3% 13.2% -14.6% 33.0% San Francisco Bay na na na na na
San Luis Obispo $370,940 -4.9% 8.6% -1.1% 7.6% Santa Barbara County
$440,620 -8.1% 24.6% -27.2% 7.4% Santa Barbara South Coast $903,500
-3.5% 27.3% -36.6% 17.9% North Santa Barbara County $339,230 6.5%
22.5% -20.6% 0.8% Santa Clara na na na na na Ventura $494,470 2.9%
25.7% -9.1% 23.5% 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 Sep-03 Aug-03 Sep-02 Statewide
Calif. (sf) $380,040 $400,020 r $322,450 r Calif. (condo) $293,820
$288,840 r $248,790 r C.A.R. Region Central Valley $231,020
$232,250 r $201,760 r High Desert $169,280 $163,070 $135,930 Los
Angeles $369,740 $374,720 $292,060 Monterey Region na $513,480 r
$465,080 Monterey County na $469,900 $395,000 Santa Cruz County na
$545,000 $529,250 Northern California $299,860 $293,890 r $247,900
Northern Wine Country $438,200 $434,800 $380,930 Orange County
$515,110 $523,600 $450,520 Palm Springs/ Lower Desert $254,100
$267,750 $204,580 Riverside/ San Bernardino $226,730 $228,560 r
$182,250 Sacramento $256,520 $255,540 r $225,550 r San Diego
$433,820 $444,230 $383,080 San Francisco Bay na $564,500 r $524,050
San Luis Obispo $370,940 $390,150 $341,670 Santa Barbara County
$440,620 $479,540 $353,570 r Santa Barbara South Coast $903,500
$936,000 r $710,000 r North Santa Barbara County $339,230 $318,460
$276,920 Santa Clara na $565,000 $549,000 Ventura $494,470 $480,410
$393,440 na - not available r - revised Source:California
Association of REALTORS(R) DATASOURCE: California Association of
REALTORS CONTACT: media, Mark Giberson of California Association of
REALTORS, +1-213-739-8304, Web site: http://www.car.org/
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