Article Published: Monday, September 06, 2004 - 4:30:47 PM PST in the Los Angeles Daily News
California City's year-to-year price increase was California's sixth fastest.
California's median price in July was $463,540, Palmdale average
home costs $275,000, Lancaster average home price $226,750, home prices
were $185,000 in Rosamond and $134,500 in California City. Where do you
think the best home values are??
By Daily News
PALMDALE -- Median home sales prices in one month jumped 5.8 percent
in Palmdale and 3.1 percent in Lancaster, a trade group says.
July home prices hit an average $275,000 in Palmdale and $226,750
in Lancaster, according to the California Association of Realtors.
Over the preceding 12 months, that is an increase of 41 percent in Palmdale and 39.8 percent in Lancaster, the association said.
California's median price in July was $463,540, down 1.1 percent from June but ahead 21.4 percent for the year, the association said.
"CAR's unsold inventory index, which measures the number of months needed to deplete the supply of homes on the market at the current sales rate, increased to more than a three-month supply for the first time in 17 months," said association president Ann Pettijohn. "While that is still dramatically low by historical standards, the increase in inventory has mitigated some of the upward pressure on home prices, which declined 1.1 percent last month compared to June."
Los Angeles County's median sales price in July was $405,000, up 25.4 percent over the year but the same as in June, the association said.
July median prices were $185,000 in Rosamond, up 35 percent from July 2003 and the same price as in June; $218,500 in Tehachapi, up 37.9 percent from July 2003 and up 6.3 percent from June; and $134,500 in California City, up 55 percent from July 2003 but down 10.3 percent from June.
California City's year-to-year price increase was California's sixth fastest.
Statewide, the 10 cities and communities with the greatest median home price increases in July 2004 compared to the same period a year ago were: Seaside, 82.8 percent; Laguna Beach, 65.7 percent; Loma Linda, 63.9 percent; Montebello, 63 percent; Santa Paula, 56.2 percent; California City, 55 percent; Adelanto, 54.8 percent; Rancho Santa Margarita, 51.1 percent; Yucca Valley, 50 percent; and Oceanside, 48.4 percent.
Statewide, the 10 cities and communities with the highest median home prices in California during July 2004 were: Laguna Beach, $1,479,500; Los Altos, $1,343,000; Manhattan Beach, $1,320,000; Newport Beach, $1,295,000; Burlingame, $1,250,000; San Marino, $1,200,750; Coronado, $1,182,500; Saratoga, $1,105,000; La Canada-Flintridge, $1,075,000; Beverly Hills, $1,013,000.
California City home building construction up 98% over last year. (see article)
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