For release:
Thursday, Nov. 13, 2003
C.A.R. reports median price sets new record with 20 percent gain in third quarter, sales post 17.3 percent increase,
LOS ANGELES (Nov. 13) - The median price of an existing, single-family detached home in California hit a new record during the third quarter of 2003, rising 20 percent to $386,340, the California Association of REALTORSâ (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California amounted to 624,490 for the third quarter of 2003 at a seasonally adjusted annualized rate, a 17.3 percent increase from 532,460 in the third quarter of 2002.
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes for the third quarter of 2003 was 2.2 months, compared to 2.8 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 6.06 percent during the third quarter of 2003, down from 6.29 percent in the third quarter of 2002, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 3.76 percent in the third quarter of 2003, down from 4.39 percent in the third quarter of 2002.
The median number of days it took to sell a single-family home was 26 days in the third quarter of 2003, compared to 24 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 REALTORSâ 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, 96.7 percent or 441 of 456 California cities and communities showed an increase in their respective median home prices during the third quarter of 2003 compared to the same period 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=MzI4ODI=.
Among the highlights of the localized third-quarter data collected by C.A.R. and DataQuick Information Systems:
• The 10 cities and communities with the highest median home prices in California during the third quarter 2003 were: Malibu, $1,239,500; Belvedere/Tiburon, $1,225,000; Los Altos, $1,100,000; Manhattan Beach, $1,080,000; Palos Verdes Estates, $1,050,000; Beverly Hills, $1,000,000; Laguna Beach, $1,000,000; Saratoga, $995,000; Coronado, $970,000; Pebble Beach, $945,000.
• The 10 California cities and communities with the largest annual increase in their respective median home prices during the third quarter 2003 compared to the same period in 2002 were: Malibu, 57.9 percent; Sanger, 57.2 percent; San Juan Capistrano, 39.1 percent; Atascadero, 38.6 percent; Artesia, 36.9 percent; San Fernando, 36 percent; Desert Hot Springs, 35.1 percent; Laguna Hills, 34.6 percent; Fontana, 33.5 percent; California City, 32.2 percent.
The California Association of REALTORSâ (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.
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