Median California Home Prices up 16.8% While Sales Down 8.5%

Closed escrow sales of existing, single-family detached homes in California totaled 591,150 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.

Across California, home resale activity decreased 8.5 percent from the 645,720 sales pace recorded in August 2003. C.A.R. President Ann Pettijohn was quoted as saying, "We anticipated a decrease in home sales last month compared to August 2003. Last summer, mortgage interest rates were at their lowest levels in more than 30 years and monthly existing home sales hit an annualized all time high of nearly 646,000 units."

"Residential real estate sales in California are on track to set a new annual record in 2004," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Year-to-date sales are up 5.2 percent compared with the same period in 2003."

Here are some facts from the August 2004 C.A.R.'s resale housing figures:

• The median price of an existing, single-family detached home in California during August 2004 was $474,370, up 16.8 percent increase over the revised August 2003 median of $406,140.
  
• The August 2004 median price increased 2.6 percent compared with a revised $462,140 median price in July.
  
• The median number of days it took to sell a single-family home was 26 days in August 2004, unchanged from the same period a year ago.
  
• C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2004 was 4.3 months, compared with two 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)
  
• 98.6 percent or 421 of 427 cities and communities showed an increase in their respective median home prices from a year ago according to a more localized statistics generated by C.A.R. and DataQuick Information Systems

Here are some other area specific highlights with real estate listings links to specific cities:

Statewide, the 10 cities and communities with the highest median home prices in California during August 2004 were: Beverly Hills, $1,445,000; Manhattan Beach, $1,400,00; Laguna Beach, $1,375,000; Los Altos, $1,350,000; Palos Verdes Estates, $1,325,000; Burlingame, $1,270,000; Newport Beach, $1,100,000; Saratoga, $1,062,500; Orinda, $950,000; Calabasas, $935,000.

Statewide, the 10 cities and communities with the greatest median home price increases in August 2004 compared with the same period a year ago were: Hercules, 59.7 percent; Colton, 58.3 percent; Adelanto, 57.9 percent; Duarte, 56.7 percent; Inglewood, 55.1 percent; Barstow, 52.4 percent; San Gabriel, 52 percent; Huntington Park, 50.8 percent; Yucaipa, 49.5 percent; Compton, 49.4 percent.

Search how your area did from all of the California real estate sales information from C.A.R.

Thanks for Reading
Jessie J. Beaudoin