LOS ANGELES (May 28) - Sales of existing homes in California in April increased 29.8 percent and the median home price rose 26.1 percent compared to the same period a year ago, the California Association of REALTORS(R) and Real Estate Solutions, a real estate information service, reported today.

"Residential real estate in California, particularly in the San Francisco Bay Area, continued to rebound aggressively last month compared to 2001," said C.A.R. President Robert Bailey. "Sales in the San Francisco Bay Area increased 73 percent in April compared to a year ago and surged nearly 120 percent in Santa Clara.

"At $321,950, the median price of a home in California topped $300,000 for a second time last month," he said. "Both sales and the median home price hit new records in April. With only a two-month supply of homes for sale throughout the state, there simply isn't enough inventory available to meet the demand for homes."

Closed escrow sales of existing, single-family detached homes in California totaled 643,030 in April 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 29.8 percent from the 495,390 sales pace recorded in April 2001. Resale activity posted an increase of 9.7 percent in
April compared to March.

The statewide sales figure represents what the total number of homes sold during 2002 would be if sales maintained the April 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 April 2002 was $321,950, a 26.1 percent increase over the $255,310 median for April 2001, C.A.R. reported. The April 2002 median price increased 5.2 percent compared to March 2002.

"Low inventory, favorable mortgage interest rates and rapidly rising home price appreciation will continue to intensify the pace of home sales in the coming months," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.

Highlights of C.A.R.s resale housing figures for April 2002:

• C.A.R.s Unsold Inventory Index for existing, single-family detached homes in April 2002 was 2.0 months, compared to 4.0 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 6.99 percent during April 2002, down from 7.08 percent in April 2001, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 4.96 percent in April 2002 compared to 6.11 percent in April 2001.

• The median number of days it took to sell a single-family home was 26 days in April 2002, unchanged from 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 64 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 Real Estate Solutions' MetroScan(R) service, 261 of 304 California cities and communities showed an increase in their respective median home prices from a year ago.

Using the MetroScan(R) database, median home prices are generated from new and existing condominium and single-family closed escrow sales. These localized MetroScan© statistics are based on county records data rather than MLS information.

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.

Among the highlights of the April localized data collected by C.A.R. and Real Estate Solutions: 

Statewide, the 10 cities and communities with the highest median home prices in California during April 2002 were:

 

Carmel/Pebble Beach	$882,250
Pacific Palisades	$867,500
Malibu	$840,000
Palos Verdes Estates	$835,000
Burlingame	$790,000
Manhattan Beach	$744,000
Beverly Hills	$742,000
San Marino	$730,000
La Jolla	$727,500
Millbrae	$712,500