Median price increases 19.1% in July to record $383,320. Sales increase 10.2%, C.A.R. reports
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This report is brought to you by GINGER HOPP, Realtor |
LOS ANGELES (August 25, 2003) - The median price of an existing
home in California in July increased 19.1 percent and sales increased 10.2 percent compared to the same period a year ago,
the California Association of REALTORS® (C.A.R.) reported today.
"Concerns about rising mortgage interest rates helped propel
potential buyers who were on the fence into the housing market last month," said C.A.R. President Toby Bradley. "As a result,
sales in July hit their highest level this year. The median price of a home in California reached its greatest year-to year
increase in July, posting a 19.1 percent gain to a record $383,320."
Closed escrow sales of existing, single-family detached
homes in California totaled 595,860 in July at a seasonally adjusted annualized rate, according to information collected by
C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 10.2 percent from
the 540,800 sales pace recorded in July 2002.
The statewide sales figure represents what the total number
of homes sold during 2003 would be if sales maintained the July 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 July 2003 was $383,320, a 19.1 percent increase over the revised $321,900 median for July 2002,
C.A.R. reported. The July 2003 median price increased 2.1 percent compared to a revised June 2003 $375,610 median price.
Highlights of C.A.R.s resale housing figures for July 2003:
-
C.A.R.s Unsold Inventory Index for existing, single-family
detached homes in July 2003 was 2.4 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 5.73
percent during July 2003, down from 6.49 percent in July 2002, according to Freddie Mac. Adjustable mortgage interest rates
averaged 3.59 percent in July 2003 compared to 4.51 percent in July 2002.
-
The median number of days it took to sell a single-family
home was 27 days in July 2003, compared to a revised 23 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 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.
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.
Statewide, the 10 cities and communities with the highest
median home prices in California during July 2003. as reported by the California Association of Realtors, were:
| Malibu |
$1,190,000 |
| Beverly Hills |
$1,120,000 |
| Palos Verdes Estates |
$1,035,000 |
| Manhattan Beach |
$1,015,000 |
| Burlingame |
$931,500 |
| Laguna Beach |
$893,000 |
| Calabasas |
$880,500 |
| Mill Valley |
$870,000 |
| Del Mar |
$868,000 |
| La Canada-Flintridge |
$835,000 |
These statistics for highest median home price as reported
by the California Association of Realtors are very suspect. In fact, they do not even approach reality. The statistics
below show the ten highest median prices for the counties of Santa Clara, San Mateo, San Diego and Orange County only. Everyone
of these counties had higher prices than the highest priced city reported by C.A.R. Further investigation
is in order.
| Rancho Santa Fe |
$2,150,000 |
| Hillsborough |
$1,993,750 |
| Woodside |
$1,960,000 |
| Los Altos Hills |
$1,950,000 |
| Monte Sereno |
$1,372,500 |
| Portola Valley |
$1,300,000 |
| Kentfield |
$1,300,000 |
| La Jolla |
$1,250,000 |
| Tiburon |
$1,245,000 |
| Corona del Mar |
$1,225,000 |
Statewide, the 10 cities and communities with the greatest
median home price increases in July 2003 compared to the same period a year ago were:
| Malibu |
79.0% |
| Beverly Hills |
58.1% |
| San Juan Capistrano |
44.1% |
| Desert Hot Springs |
43.9% |
| Lake Forest |
41.1% |
| Redlands |
40.0% |
| Mira Loma |
39.1% |
| Perris |
39.0% |
| La Habra |
37.2% |
| Ripon |
36.2% |
JULY 2003 REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data and Condo Sales Data Not Seasonally Adjusted
| July 2003 |
Median Price |
Percent Change in Price
from Prior Month |
Percent Change in Price
from Prior Year |
Percent Change in Sales
from Prior Month |
Percent Change in Sales
from Prior Year |
| |
3-Jul |
3-Jun |
2-Jul |
3-Jun |
2-Jul |
|
Statewide |
|
|
|
|
| Calif. (sf) |
$383,320 |
2.10% |
19.10% |
4.10% |
10.20% |
| Calif. (condo) |
$286,670 |
1.50% |
15.20% |
6.50% |
11.80% |
| |
|
|
|
|
|
C.A.R. REGION |
|
|
|
|
| Central Valley |
$229,370 |
1.20% |
20.00% |
3.10% |
8.00% |
| High Desert |
$156,740 |
1.90% |
19.60% |
5.60% |
0.20% |
| Los Angeles |
$358,710 |
5.80% |
25.40% |
7.10% |
19.10% |
| Monterey Region |
na |
na |
na |
na |
na |
| Monterey County |
na |
na |
na |
na |
na |
| Santa Cruz County |
na |
na |
na |
na |
na |
| Northern California |
$291,280 |
1.50% |
21.50% |
9.70% |
13.60% |
| Northern Wine Country |
$431,060 |
-0.70% |
12.70% |
6.40% |
2.10% |
| Orange County |
$496,370 |
3.50% |
14.70% |
5.60% |
19.30% |
| Palm Springs/Lower Desert |
$261,790 |
-1.20% |
18.30% |
-1.00% |
9.50% |
| Riverside/San Bernardino |
$231,300 |
4.00% |
27.70% |
5.70% |
7.80% |
| Sacramento |
$247,900 |
-1.90% |
15.60% |
-3.10% |
4.10% |
| San Diego |
$430,470 |
2.70% |
14.40% |
17.40% |
21.50% |
| San Francisco Bay |
na |
na |
na |
na |
na |
| San Luis Obispo |
$391,360 |
3.70% |
23.90% |
11.60% |
-9.80% |
| Santa Barbara County |
$486,360 |
24.90% |
23.60% |
9.20% |
8.70% |
| Santa Barbara South Coast |
$810,000 |
-1.50% |
1.40% |
12.90% |
18.80% |
| North Santa Barbara County |
$318,750 |
8.60% |
23.70% |
-1.60% |
3.40% |
| Santa Clara |
na |
na |
na |
na |
na |
| Ventura |
$458,600 |
0.70% |
15.90% |
12.10% |
1.50% |
* Based on closed escrow sales of singlefamily, detached homes only (no condos).
Reported monthtomonth 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.
** Due to the small sample size in these areas, prices and
activity changes may be overemphasized.
sf = singlefamily, detached home
Median Prices By Region - Current Month vs. Year Ago
| |
3-Jul |
3-Jun |
|
2-Jul |
|
Statewide |
|
|
|
|
| Calif. (sf) |
$383,320 |
$375,610 |
r |
$321,900 |
r |
| Calif. (condo) |
$286,670 |
$282,470 |
r |
$248,890 |
r |
| |
|
|
|
|
|
C.A.R REGION |
|
|
|
|
| Central Valley |
$229,370 |
$226,760 |
r |
$191,220 |
| High Desert |
$156,740 |
$153,840 |
|
$131,020 |
| Los Angeles |
$358,710 |
$339,100 |
|
$286,070 |
| Monterey Region |
na |
na |
|
na |
| Monterey County |
na |
na |
|
na |
| Santa Cruz County |
na |
na |
|
na |
| Northern California |
$291,280 |
$286,930 |
|
$239,650 |
| Northern Wine Country |
$431,060 |
$433,980 |
|
$382,480 |
| Orange County |
$496,370 |
$479,410 |
|
$432,630 |
| Palm Springs/Lower Desert |
$261,790 |
$265,000 |
|
$221,360 |
| Riverside/San Bernardino |
$231,300 |
$222,340 |
|
$181,150 |
| Sacramento |
$247,900 |
$252,620 |
r |
$214,480 |
| San Diego |
$430,470 |
$419,320 |
|
$376,250 |
| San Francisco Bay |
na |
na |
|
na |
| San Luis Obispo |
$391,360 |
$377,540 |
|
$315,790 |
| Santa Barbara County |
$486,360 |
$389,530 |
|
$393,480 |
r |
| Santa Barbara South Coast |
$810,000 |
$822,500 |
r |
$799,000 |
r |
| North Santa Barbara County |
$318,750 |
$293,530 |
|
$257,580 |
| Santa Clara |
na |
na |
|
na |
| Ventura |
$458,600 |
$455,420 |
|
$395,710 |
r - revised
na - not available
Source: California Association of REALTORS®
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