California Real Estate Prices and Sales Drop As Inventory Increases

21% was the median price increase of existing homes sold in California in September from last years according to the California Association of REALTORS but prices are lower than August's high.

The median price of a single family home in California for September 04 was $465,540 down from $473,360 in August but still up over 21% from September 03.

September closed sales in California came in at a seasonally adjusted annualized rate of 626,220 which is down .09% from 631,880 in September 03.

"The higher inventory of homes for sale has mitigated some of the upward pressure on home prices," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Year-to-date sales are up 4.5 percent, in line with our expectation that sales for all of 2004 will post and increase above 2003's record levels."

Here is some of the local real estate data with links to search the local mls listings:

Statewide, the 10 cities and communities with the highest median home prices in California during September 2004 were:

• Manhattan Beach, $1,425,000
• Beverly Hills, $1,380,000
• Laguna Beach, $1,300,000
• Coronado, $1,295,000
• Los Altos, $1,264,250
• Saratoga, $1,259,000
• Burlingame, $1,227,000
• Palos Verdes Estates $1,189,000
• Carmel, $1,131,500
• Newport Beach, $977,750.

Statewide, the 10 cities and communities with the greatest median home price increases in September 2004 compared withs the same period a year ago were:

• Beverly Hills, 66.5 percent
• Nevada City, 61.9 percent
• Yucaipa, 59.3 percent
• Truckee, 55.7 percent
• Patterson, 54.3 percent
• Port Hueneme, 51.4 percent
• Paramount, 51.4 percent
• Rialto, 50 percent
• Inglewood, 50 percent
• Auburn, 49.2 percent

Thanks for Reading,

Jessie J. Beaudoin