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The Real Estate Web Blog
Filed under: Real Estate News
— admin @ 9:08 am
LOS ANGELES–(BUSINESS WIRE)–June 23, 2005–The median price of an existing home in California in May increased 12.8 percent and sales decreased 2.1 percent compared with the same period a year ago, the California Association of REALTORS(R) (C.A.R.) reported today.
“The California housing market passed an important threshold in April, when the median price rose above $500,000 for the first time,” said C.A.R. President Jim Hamilton. “This trend continued in May, with the median price approaching $525,000. At these prices, eroding affordability and concerns about rising interest rates are constraining sales.”
Closed escrow sales of existing, single-family detached homes in California totaled 618,920 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations statewide. Statewide home resale activity decreased 2.1 percent from the 632,380 sales pace recorded in May 2004.
The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during May 2005 was $522,590, a 12.8 percent increase over the revised $463,320 median for May 2004, C.A.R. reported. The May 2005 median price increased 2.5 percent compared with April’s revised $509,630 median price.
“Inventory levels, which have been at or above three months since July 2004, fell below three months beginning in March and have ranged between 2.6 and 2.8 months since that time,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “While not at the record low levels we experienced earlier last year, the tight inventory of homes for sale has impacted sales over the past couple of months.”
Highlights of C.A.R.’s resale housing figures for May 2005:
– C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2005 was 2.8 months, compared with 1.6 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.
– Thirty-year fixed mortgage interest rates averaged 5.72 percent during May 2005, compared with 6.27 percent in May 2004, according to Freddie Mac. Adjustable mortgage interest rates averaged 4.23 percent in May 2005 compared with 3.88 percent in May 2004.
– The median number of days it took to sell a single-family home was 27 days in May 2005, compared with 22 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 are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS(R) throughout the state. MLS median price and sales data for condominiums are 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, 97.5 percent or 396 of 406 cities and communities showed an increase in their respective median home prices from 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. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
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 http://www.car.org/index.php?id=MzUxNTA.
– Statewide, the 10 cities and communities with the highest median home prices in California during May 2005 were: Los Altos, $1,620,000; Beverly Hills, $1,450,000; Saratoga, $1,428,500; Manhattan Beach, $1,375,000; Laguna Beach, $1,302,500; Newport Beach, $1,300,000; Burlingame, $1,237,500; Coronado, $1,225,000; Santa Barbara, $1,188,000; Palos Verdes, $1,147,500.
– Statewide, the 10 cities and communities with the greatest median home price increases in May 2005 compared with the same period a year ago were: Desert Hot Springs, 67.4 percent; Colton, 64.2 percent; Laguna Hills, 58.9 percent; California City, 57 percent; Taft, 55.4 percent; Visalia, 49.4 percent; Twentynine Palms, 47.2 percent; Barstow, 45.9 percent; Victorville, 45.8 percent; Montebello, 45.5 percent.
Leading the Way…(R) in California real estate for 100 years, the California Association of REALTORS(R) (www.car.org) is one of the largest state trade organizations in the United States, with more than 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
May 2005 Regional Sales and Price Activity(a)
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change Change Change Change
in in in in
Price Price Sales Sales
from from from from
Median Prior Prior Prior Prior
Price Month Year Month Year
May-05 Apr-05 May-04 Apr-05 May-04
-------------------------- ----------- ------- ------- ------- -------
Statewide
Calif. (sf) $522,590 2.5% 12.8% -5.9% -2.1%
Calif. (condo) $420,740 3.1% 14.9% -3.3% 1.9%
C.A.R. REGION
Central Valley $343,610 3.0% 27.5% 0.1% 17.2%
High Desert $282,510 3.6% 31.7% 9.9% 34.4%
Los Angeles $503,450 3.9% 15.8% -3.5% 8.3%
Monterey Region $689,050 1.6% 11.7% -8.2% -11.5%
Monterey County $639,000 2.1% 12.3% -12.7% -4.5%
Santa Cruz County $757,200 5.9% 18.5% -0.5% -20.2%
Northern California $410,500 -1.7% 17.5% -0.9% -9.0%
Northern Wine Country $622,660 2.4% 27.5% 5.8% 3.8%
Orange County $704,150 3.2% 6.3% -8.7% 6.3%
Palm Springs/Lower Desert $388,280 3.9% 6.5% -0.5% -0.2%
Riverside/San Bernardino $364,700 0.5% 24.9% -0.1% -8.4%
Sacramento $379,790 2.7% 24.0% 2.1% -0.6%
San Diego $608,300 2.5% 7.7% -4.8% -2.3%
San Francisco Bay $721,730 -0.2% 11.2% 3.1% -8.3%
San Luis Obispo $534,440 -0.4% 26.4% 12.4% 30.0%
Santa Barbara County $746,950 27.3% 9.1% 19.5% 15.9%
Santa Barbara S. Coast $1,247,500 -4.0% 11.9% 45.1% 10.2%
N. Santa Barbara County $468,520 4.5% 23.7% -2.6% 17.5%
Santa Clara $749,000 -0.1% 18.0% -0.2% -15.0%
Ventura $667,130 2.8% 8.5% -2.8% 10.0%
na - not available
(a) Based on closed escrow sales of single-family, detached homes only
(no condos). Reported month-to-month changes in sales activity may
overstate actual changes because of the small size of individual
regional samples. Movements in sales prices should not be
interpreted as measuring changes in the cost of a standard home.
Prices are influenced by changes in cost and changes in the
characteristics and size of homes actually sold.
sf = single-family, detached home
Source: California Association of REALTORS(R)
Median Prices By Region -- Current Month vs. Year Ago
May-05 Apr-05 May-04
----------------------------- ----------- ------------- -------------
Statewide
Calif. (sf) $522,590 $509,630 r $463,320 r
Calif. (condo) $420,740 $408,110 r $366,320 r
C.A.R. REGION
Central Valley $343,610 $333,650 $269,540 r
High Desert $282,510 $272,650 $214,470
Los Angeles $503,450 $484,590 r $434,790
Monterey Region $689,050 $678,000 $616,670
Monterey County $639,000 $626,000 $569,000
Santa Cruz County $757,200 $715,000 $639,000
Northern California $410,500 $417,670 $349,510
Northern Wine Country $622,660 $607,920 $488,210
Orange County $704,150 $682,200 $662,290
Palm Springs/Lower Desert $388,280 $373,830 $364,610
Riverside/San Bernardino $364,700 $362,780 $292,060
Sacramento $379,790 $369,760 $306,230 r
San Diego $608,300 $593,600 $565,030
San Francisco Bay $721,730 $723,070 $649,240
San Luis Obispo $534,440 $536,340 $422,660
Santa Barbara County $746,950 $586,540 $684,780
Santa Barbara S. Coast $1,247,500 $1,300,000 r $1,115,000 r
N. Santa Barbara County $468,520 $448,280 $378,890
Santa Clara $749,000 $750,000 $635,000
Ventura $667,130 $649,210 r $614,850
na - not available
r - revised
Source: California Association of REALTORS(R)
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