Median Home Price Rose 12.8 Percent in March, Home Sales Fell 7.8 Percent, C.A.R. Reports

Apr 25, 2001, 01:00 ET from California Association of REALTORS

    LOS ANGELES, April 25 /PRNewswire/ -- Sales of existing homes in
 California in March fell 7.8 percent and the median home price rose
 12.8 percent compared to the same period a year ago, the California
 Association of REALTORS(R) and Real Estate Solutions, a real estate
 information service, reported  today.
     "The median price of a home in California hit a new record last month as
 demand for housing remained strong," said C.A.R. President Gary Thomas.  "The
 median price of a home posted an increase in every region of the state and in
 many areas appreciated by double digits."
     Closed escrow sales of existing, single-family detached homes in
 California totaled 518,410 in March at a seasonally adjusted annualized rate,
 according to information collected by C.A.R. from more than 90 Multiple
 Listing Services (MLS) statewide.  Statewide home resale activity decreased
 7.8 percent from the 562,090 sales pace recorded in March 2000.  Resale
 activity posted an increase of 6.6 percent in March compared to February.
     The statewide sales figure represents what the total number of homes sold
 during 2001 would be if sales maintained the March 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 March 2001 was $262,980, a 12.8 percent increase over the $233,140
 median for March 2000, C.A.R. reported.  The March 2001 median price increased
 7.4 percent compared to February 2001.  C.A.R., in conjunction with Real
 Estate Solutions' MetroScan(R) software and information product, reported that
 84 percent of California cities and communities showed an increase in their
 respective median home prices from a year ago.
 
     Highlights of C.A.R.'s resale housing figures for March 2001:
     *  C.A.R.'s Unsold Inventory Index for existing, single-family detached
 homes in March 2001 was 3.6 months, compared to 3.0 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 6.95 percent during
 March 2001, down from 8.24 percent in March 2000, according to the Federal
 Home Loan Mortgage Corp.  Adjustable mortgage interest rates averaged
 6.28 percent in March 2001, compared to 6.70 percent in March 2000.
     *  The median number of days it took to sell a single-family home was
 26 days in March 2001, down from 32 days 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 is not adjusted to account
 for seasonal factors that can influence home sales.  The MLS median price and
 sales data for detached homes is generated from a survey of more than 90
 associations of REALTORS(R) throughout the state.  MLS median price and sales
 data for condominiums is based on a survey of 64 associations.  The median
 price for both detached homes and condominiums represents closed escrow sales.
     "Time on the market hit a historic low of 26 days in March, further
 evidence of the underlying strength of the housing market in most areas of
 California," said Leslie Appleton-Young, C.A.R.'s vice president and chief
 economist.  "Consumers remain concerned about the overall direction of the
 economy, but the demand for housing continues to outpace the supply of homes
 for sale.  Following four consecutive month-to-month declines, sales of
 existing, single-family homes rose 6.6 percent in March compared to February."
     In a separate report covering more localized statistics generated by
 C.A.R. and Real Estate Solution's MetroScan(R) service, 264 of 313 California
 cities and communities showed an increase in their respective median home
 prices from a year ago.
     Using the MetroScan(R) database, median home prices are generated from new
 and existing condominium and single-family closed escrow sales.  These
 localized MetroScan(R) statistics are based on county records data rather than
 MLS information.
     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 MetroScan(R)
 tables listing median home prices in California cities and counties are
 accessible through the C.A.R. Web site:
 http://members.car.org/economics/archives/datamar01.asp.
     Among the highlights of the March localized data collected by C.A.R. and
 Real Estate Solutions:
     *  Statewide, the 10 cities and communities with the highest median home
 prices in California during March 2001 were: Pacific Palisades, $880,500;
 Malibu, $849,000; Burlingame, $800,000; Orinda, $743,750; Carmel/Pebble Beach,
 $725,050; Palos Verdes, $725,000; Mill Valley, $720,000; Beverly Hills,
 $717,500; Menlo Park, $715,000; San Carlos, $699,000.
     *  Statewide, the 10 cities and communities with the greatest median home
 price increases in March 2001 compared to the same period a year ago were: San
 Bruno, 77.6 percent; San Pablo, 62.3 percent; Ridgecrest, 59.0 percent; Nevada
 City, 56.6 percent; Artesia, 50.6 percent; Richmond, 48.9 percent;
 Watsonville, 48.9 percent; Napa, 46.7 percent; Pittsburg, 45.2 percent;
 Westlake Village, 45.2 percent.
     The California Association of REALTORS(R) (http://www.car.org) is one of
 the largest state trade organizations in the United States, with more than
 97,000 members dedicated to the advancement of professionalism in real estate.
 C.A.R. is headquartered in Los Angeles.
     C.A.R. releases may also be retrieved by calling the PR Newswire
 fax-on-demand service at: 1-800-758-5804, ext. 131489.
 
                 MARCH 2001 REGIONAL SALES AND PRICE ACTIVITY*
             Regional and Condo Sales Data Not Seasonally Adjusted
 
                                Percent      Percent      Percent     Percent
                              Change in    Change in    Change in   Change in
                    Median    Price from   Price from   Sales from Sales from
                    Price     Prior Month   Prior Year Prior Month Prior Year
                   Mar-01        Feb-01       Mar-00       Feb-01      Mar-00
 
     Statewide
     Calif.
      (sf)        $262,980         7.4%        12.8%         6.6%       -7.8%
     Calif.
      (condo)     $207,620         4.8%        17.6%        57.7%       -5.6%
 
     Region
     Central
      Valley      $158,490         4.2%        24.1%        36.3%       -1.6%
     High
      Desert      $116,120        -1.1%        30.4%        39.5%      -28.1%
     Los
      Angeles     $228,260         1.6%        10.6%        47.0%        0.2%
     Monterey     $424,630        -1.1%         4.0%        44.7%      -23.8%
     Northern
      California  $199,560         4.4%        17.6%        35.0%       -5.5%
     Northern
      Wine
      Country     $353,070        -1.7%        26.2%        42.6%      -18.2%
     Orange
      County      $344,670         4.7%        13.2%        60.5%       -4.7%
     Palm Springs/
      Lower Desert    n.a.         n.a.         n.a.         n.a.        n.a.
     Riverside/
      San
      Bernardino  $150,610         6.3%        11.6%        57.3%        1.7%
 
     Sacramento   $169,310         3.5%        25.2%        32.9%      -10.4%
     San Diego    $285,530        -0.1%        11.1%        49.0%      -10.6%
     San
      Francisco
      Bay         $491,860         1.2%        10.1%        51.9%      -20.1%
     San Luis
      Obispo          n.a.         n.a.         n.a.         n.a.        n.a.
     Santa
      Barbara
      County      $321,880         2.4%         2.8%        77.5%      -19.4%
     Santa
      Barbara
      South Coast $674,110        23.8%        20.5%        82.0%      -33.5%
     North Santa
      Barbara
      County      $188,150         8.1%        19.9%        73.5%        0.9%
 
     Santa Clara  $565,000         1.8%         8.0%        47.6%      -32.5%
     Ventura      $299,050         3.3%         4.2%        67.3%       -7.3%
 
         *  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.
         **  Due to the small sample size in these areas, prices and activity
     changes may be overemphasized.
         sf = single-family, detached home
         Source:California Association of REALTORS(R)
 
 
     Median Prices By Region - Current Month vs. Year Ago
                                                       Mar-01         Mar-00
     Statewide
     Calif. (sf)                                     $262,980       $233,140
     Calif. (condo)                                  $207,620       $176,500
 
     Region
     Central Valley                                  $158,490       $127,690
     High Desert                                     $116,120        $89,060
     Los Angeles                                     $228,260       $206,380
     Monterey                                        $424,630       $408,130
     Northern California                             $199,560       $169,710
     Northern Wine Country                           $353,070       $279,820
     Orange County                                   $344,670       $304,390
     Palm Springs/Lower Desert                           n.a.       $139,350
     Riverside/San Bernardino                        $150,610       $134,910
     Sacramento                                      $169,310       $135,280
     San Diego                                       $285,530       $256,990
     San Francisco Bay                               $491,860       $446,920
     San Luis Obispo                                     n.a.       $233,330
     Santa Barbara County                            $321,880       $313,040
     Santa Barbara South Coast                       $674,110       $559,380
     North Santa Barbara County                      $188,150       $156,960
     Santa Clara                                     $565,000       $523,050
     Ventura                                         $299,050       $287,030
 
         Source:  California Association of REALTORS(R)
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X05899229
 
 

SOURCE California Association of REALTORS
    LOS ANGELES, April 25 /PRNewswire/ -- Sales of existing homes in
 California in March fell 7.8 percent and the median home price rose
 12.8 percent compared to the same period a year ago, the California
 Association of REALTORS(R) and Real Estate Solutions, a real estate
 information service, reported  today.
     "The median price of a home in California hit a new record last month as
 demand for housing remained strong," said C.A.R. President Gary Thomas.  "The
 median price of a home posted an increase in every region of the state and in
 many areas appreciated by double digits."
     Closed escrow sales of existing, single-family detached homes in
 California totaled 518,410 in March at a seasonally adjusted annualized rate,
 according to information collected by C.A.R. from more than 90 Multiple
 Listing Services (MLS) statewide.  Statewide home resale activity decreased
 7.8 percent from the 562,090 sales pace recorded in March 2000.  Resale
 activity posted an increase of 6.6 percent in March compared to February.
     The statewide sales figure represents what the total number of homes sold
 during 2001 would be if sales maintained the March 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 March 2001 was $262,980, a 12.8 percent increase over the $233,140
 median for March 2000, C.A.R. reported.  The March 2001 median price increased
 7.4 percent compared to February 2001.  C.A.R., in conjunction with Real
 Estate Solutions' MetroScan(R) software and information product, reported that
 84 percent of California cities and communities showed an increase in their
 respective median home prices from a year ago.
 
     Highlights of C.A.R.'s resale housing figures for March 2001:
     *  C.A.R.'s Unsold Inventory Index for existing, single-family detached
 homes in March 2001 was 3.6 months, compared to 3.0 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 6.95 percent during
 March 2001, down from 8.24 percent in March 2000, according to the Federal
 Home Loan Mortgage Corp.  Adjustable mortgage interest rates averaged
 6.28 percent in March 2001, compared to 6.70 percent in March 2000.
     *  The median number of days it took to sell a single-family home was
 26 days in March 2001, down from 32 days 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 is not adjusted to account
 for seasonal factors that can influence home sales.  The MLS median price and
 sales data for detached homes is generated from a survey of more than 90
 associations of REALTORS(R) throughout the state.  MLS median price and sales
 data for condominiums is based on a survey of 64 associations.  The median
 price for both detached homes and condominiums represents closed escrow sales.
     "Time on the market hit a historic low of 26 days in March, further
 evidence of the underlying strength of the housing market in most areas of
 California," said Leslie Appleton-Young, C.A.R.'s vice president and chief
 economist.  "Consumers remain concerned about the overall direction of the
 economy, but the demand for housing continues to outpace the supply of homes
 for sale.  Following four consecutive month-to-month declines, sales of
 existing, single-family homes rose 6.6 percent in March compared to February."
     In a separate report covering more localized statistics generated by
 C.A.R. and Real Estate Solution's MetroScan(R) service, 264 of 313 California
 cities and communities showed an increase in their respective median home
 prices from a year ago.
     Using the MetroScan(R) database, median home prices are generated from new
 and existing condominium and single-family closed escrow sales.  These
 localized MetroScan(R) statistics are based on county records data rather than
 MLS information.
     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 MetroScan(R)
 tables listing median home prices in California cities and counties are
 accessible through the C.A.R. Web site:
 http://members.car.org/economics/archives/datamar01.asp.
     Among the highlights of the March localized data collected by C.A.R. and
 Real Estate Solutions:
     *  Statewide, the 10 cities and communities with the highest median home
 prices in California during March 2001 were: Pacific Palisades, $880,500;
 Malibu, $849,000; Burlingame, $800,000; Orinda, $743,750; Carmel/Pebble Beach,
 $725,050; Palos Verdes, $725,000; Mill Valley, $720,000; Beverly Hills,
 $717,500; Menlo Park, $715,000; San Carlos, $699,000.
     *  Statewide, the 10 cities and communities with the greatest median home
 price increases in March 2001 compared to the same period a year ago were: San
 Bruno, 77.6 percent; San Pablo, 62.3 percent; Ridgecrest, 59.0 percent; Nevada
 City, 56.6 percent; Artesia, 50.6 percent; Richmond, 48.9 percent;
 Watsonville, 48.9 percent; Napa, 46.7 percent; Pittsburg, 45.2 percent;
 Westlake Village, 45.2 percent.
     The California Association of REALTORS(R) (http://www.car.org) is one of
 the largest state trade organizations in the United States, with more than
 97,000 members dedicated to the advancement of professionalism in real estate.
 C.A.R. is headquartered in Los Angeles.
     C.A.R. releases may also be retrieved by calling the PR Newswire
 fax-on-demand service at: 1-800-758-5804, ext. 131489.
 
                 MARCH 2001 REGIONAL SALES AND PRICE ACTIVITY*
             Regional and Condo Sales Data Not Seasonally Adjusted
 
                                Percent      Percent      Percent     Percent
                              Change in    Change in    Change in   Change in
                    Median    Price from   Price from   Sales from Sales from
                    Price     Prior Month   Prior Year Prior Month Prior Year
                   Mar-01        Feb-01       Mar-00       Feb-01      Mar-00
 
     Statewide
     Calif.
      (sf)        $262,980         7.4%        12.8%         6.6%       -7.8%
     Calif.
      (condo)     $207,620         4.8%        17.6%        57.7%       -5.6%
 
     Region
     Central
      Valley      $158,490         4.2%        24.1%        36.3%       -1.6%
     High
      Desert      $116,120        -1.1%        30.4%        39.5%      -28.1%
     Los
      Angeles     $228,260         1.6%        10.6%        47.0%        0.2%
     Monterey     $424,630        -1.1%         4.0%        44.7%      -23.8%
     Northern
      California  $199,560         4.4%        17.6%        35.0%       -5.5%
     Northern
      Wine
      Country     $353,070        -1.7%        26.2%        42.6%      -18.2%
     Orange
      County      $344,670         4.7%        13.2%        60.5%       -4.7%
     Palm Springs/
      Lower Desert    n.a.         n.a.         n.a.         n.a.        n.a.
     Riverside/
      San
      Bernardino  $150,610         6.3%        11.6%        57.3%        1.7%
 
     Sacramento   $169,310         3.5%        25.2%        32.9%      -10.4%
     San Diego    $285,530        -0.1%        11.1%        49.0%      -10.6%
     San
      Francisco
      Bay         $491,860         1.2%        10.1%        51.9%      -20.1%
     San Luis
      Obispo          n.a.         n.a.         n.a.         n.a.        n.a.
     Santa
      Barbara
      County      $321,880         2.4%         2.8%        77.5%      -19.4%
     Santa
      Barbara
      South Coast $674,110        23.8%        20.5%        82.0%      -33.5%
     North Santa
      Barbara
      County      $188,150         8.1%        19.9%        73.5%        0.9%
 
     Santa Clara  $565,000         1.8%         8.0%        47.6%      -32.5%
     Ventura      $299,050         3.3%         4.2%        67.3%       -7.3%
 
         *  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.
         **  Due to the small sample size in these areas, prices and activity
     changes may be overemphasized.
         sf = single-family, detached home
         Source:California Association of REALTORS(R)
 
 
     Median Prices By Region - Current Month vs. Year Ago
                                                       Mar-01         Mar-00
     Statewide
     Calif. (sf)                                     $262,980       $233,140
     Calif. (condo)                                  $207,620       $176,500
 
     Region
     Central Valley                                  $158,490       $127,690
     High Desert                                     $116,120        $89,060
     Los Angeles                                     $228,260       $206,380
     Monterey                                        $424,630       $408,130
     Northern California                             $199,560       $169,710
     Northern Wine Country                           $353,070       $279,820
     Orange County                                   $344,670       $304,390
     Palm Springs/Lower Desert                           n.a.       $139,350
     Riverside/San Bernardino                        $150,610       $134,910
     Sacramento                                      $169,310       $135,280
     San Diego                                       $285,530       $256,990
     San Francisco Bay                               $491,860       $446,920
     San Luis Obispo                                     n.a.       $233,330
     Santa Barbara County                            $321,880       $313,040
     Santa Barbara South Coast                       $674,110       $559,380
     North Santa Barbara County                      $188,150       $156,960
     Santa Clara                                     $565,000       $523,050
     Ventura                                         $299,050       $287,030
 
         Source:  California Association of REALTORS(R)
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X05899229
 
 SOURCE  California Association of REALTORS

RELATED LINKS

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