Median Price Posts 25 Percent Gain
The median price of an existing, single-family detached home in California set a new record during the second quarter of 2004 rising 25.3 percent to $461,730, the California Association of
REALTORS(R) (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California amounted to 635,580 for the second quarter of 2004 at a seasonally adjusted annualized rate, a 10.4 percent increase from 575,910 in the second
quarter of 2003.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes for the second quarter of 2004 was 1.9 months, compared to a revised 2.1 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 6.13 percent during the second quarter of 2004, up from 5.51 percent in the second quarter of 2003, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 3.88 percent in the second quarter of 2004, up from 3.66 percent in the second quarter of 2003.
The median number of days it took to sell a single-family home was 24 days in the second quarter of 2004, compared to a revised 27 days for the same period a year ago.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 99.1 percent or 443 of 447 cities and communities showed an increase in their respective median home prices in the second quarter of 2004 compared to 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=MzM5MzI=. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the quarter.) Statewide, the 10 cities and communities with the highest median home prices in California during the second quarter of 2004 were: Beverly Hills, $1,410,000; Malibu, $1,400,000; Los Altos, $1,350,000; Manhattan Beach, $1,299,000; Laguna Beach, $1,250,000; Palos Verdes Estates, $1,200,000; Saratoga, $1,175,000; San Marino, $1,120,000; Burlingame, $1,097,500; Newport Beach, $1,075,000.
Statewide, the 10 cities and communities with the greatest median home price increases in the second quarter of 2004 compared to the same period ayear ago were: Seaside, 61.4 percent; Fillmore, 57.8 percent; Imperial Beach, 52.9 percent; Malibu, 50.5 percent; Beverly Hills, 49.7 percent; Beaumont, 47.5 percent; Port Hueneme, 46.8 percent; Rancho Santa Margarita, 43.1 percent; San Fernando, 42.2 percent; Hesperia, 41.8 percent
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