Housing Bubble
California home sales fall - price hits new record
Sales post 3.5 percent decline, median price posts 14.3 percent gain in first quarter CAR reports
May 14, 2003
LOS ANGELES, -- The median price of an existing, single-family detached home in California hit a new record during the first quarter of 2003, rising 14.3 percent to $337,780, the California Association of REALTORS® (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California amounted to 573,030 for the first quarter of 2003 at a seasonally adjusted annualized rate, a 3.5 percent decrease from 593,620 in the first quarter of 2002.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes for the first quarter of 2003 was 3.2 months, compared to 2.6 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 5.83 percent during the first quarter of 2003, down from 6.97 percent in the first quarter of 2002, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 3.87 percent in the first quarter of 2003, down from 5.08 percent in the first quarter of 2002.
The median number of days it took to sell a single-family home was 31 days in the first quarter of 2003, compared to 35 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® throughout the state. MLS median price and sales data for condominiums is 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, 96.7 percent or 433 of 448 California cities and communities showed an increase in their respective median home prices during the first quarter of 2003 compared to the same period 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.
REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data 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 Quarter Year Quarter Year
2003 Q1 Q1/2003 Q4/2002 Q1/2002 Q4/2002 Q1/2002
Statewide
Calif. (sf) $337,780 2.0% 14.3% 1.4% -3.5%
Calif. (condo) $261,750 3.1% 14.3% -7.5% -9.0%
C.A.R.Region
Central Valley $205,370 1.9% 20.9% -19.3% -2.0%
High Desert $141,160 1.9% 19.5% -15.9% 13.8%
Los Angeles $307,910 1.1% 16.2% -4.6% -0.5%
Monterey $460,960 2.6% 5.3% -22.2% -12.0%
Nor. Calif. $253,070 2.3% 16.0% -22.2% -1.1%
Nor. Wine Country $392,230 3.5% 11.2% -24.8% -11.3%
Orange County $448,410 3.2% 20.6% -10.3% -4.9%
Palm Springs/
Lower Desert $254,620 9.4% 21.5% 1.9% 14.6%
Riverside/
San Bernardino $194,770 4.9% 18.3% -11.1% 4.5%
Sacramento $229,960 2.8% 25.2% -24.3% 25.2%
San Diego $389,090 2.6% 19.5% -10.5% -8.3%
San Francisco Bay $508,960 -1.4% 5.5% -19.3% -16.2%
San Luis Obispo $362,350 5.7% 17.4% -5.8% -4.4%
Santa Barbara County $387,650 -3.0% 10.5% -25.1% -31.3%
Santa Barbara
South Coast $823,720 33.8% 42.3% -34.2% -46.8%
North Santa
Barbara County $290,080 2.7% 25.1% -16.9% -13.3%
Santa Clara $531,880 -0.8% 3.6% -12.8% -27.2%
Ventura n.a. n.a. n.a. n.a. n.a.
* Based on closed escrow sales of single-family, detached homes only (no condos). Reported 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
Median Prices By Region - Last Quarter, Prior Quarter, and Year Ago Quarter
Q1/2003 Q4/2002 Q1/2002 Statewide California (sf) $337,780 $331,050 r $295,620 California (condo) $261,750 $253,960 r $229,030 r C.A.R. Region Central Valley $205,370 $201,520 r $169,800 r High Desert $141,160 $138,520 $118,100 Los Angeles $307,910 $304,610 $265,010 Monterey $460,960 $449,390 $437,760 Northern California $253,070 $247,380 $218,120 Northern Wine Country $392,230 $379,120 $352,750 Orange County $448,410 $434,610 $371,950 Palm Springs/Lwr. Desert $254,620 $232,770 $209,490 Riverside/San Bernardino $194,770 $185,690 $164,660 Sacramento $229,960 $223,790 r $183,610 r San Diego $389,090 $379,320 $325,510 San Francisco Bay $508,960 $516,410 $482,300 San Luis Obispo $362,350 $342,900 $308,730 Santa Barbara County $387,650 $399,480 $350,830 r Santa Barbara South Coast $823,720 $615,700 $578,920 r North Santa Barbara County $290,080 $282,580 $231,850 Santa Clara $531,880 $536,000 $513,290 Ventura n.a. $392,960 r $334,740 r r = revised
Source: California Association of REALTORS
