For release:
Friday, July 25, 2008
LOS ANGELES (July 25) – Home sales increased 17.5 percent in June in
California compared with the same period a year ago, while the median price
of an existing home fell 37.7 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“Statewide home sales remained above the 400,000 level for the second month
in a row, and up nearly 18 percent from a year ago,” said C.A.R. President
William E. Brown. “Following a 30-month string of year-to-year percentage
decreases that began in October 2005, sales last month also posted their
third consecutive year-to-year gain.
“Sales were driven in part by large shares of deeply discounted distressed
sales in many parts of the state,” he said. “With lower prices and
favorable interest rates, affordability also has improved significantly in
recent months, paving the way for many buyers to purchase their first
home.”
Closed escrow sales of existing, single-family detached homes in California
totaled 420,550 in June at a seasonally adjusted annualized rate, according
to information collected by C.A.R. from more than 90 local REALTOR®
associations statewide. Statewide home resale activity increased 17.5
percent from the revised 357,890 sales pace recorded in June 2007.
The statewide sales figure represents what the total number of homes sold
during 2008 would be if sales maintained the June 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 June 2008 was $368,250, a 37.7 percent decrease from the revised
$591,280 median for June 2007, C.A.R. reported. The June 2008 median price
fell 4.3 percent compared with May’s $384,840 median price.
“The significant declines in the median price over the past several months
are largely due to a dramatic shift in the sales mix since the onset of the
credit crunch and the increase in the share of distressed sales,” said
C.A.R. Chief Economist Leslie Appleton-Young. “A year ago, the under
$500,000 price range accounted for 40 percent of sales, the middle segment
made up about 45 percent, and the over $1 million segment captured 15
percent of the market. As of June 2008, the shares had shifted to 67
percent, 24 percent, and 9 percent, respectively.”
Highlights of C.A.R.’s resale housing figures for June 2008:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in June 2008 was 7.7 months, compared with 10.2 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 6.32 percent during
June 2008, compared with 6.66 percent in June 2007, according to Freddie
Mac. Adjustable-mortgage interest rates averaged 5.15 percent in June 2008,
compared with 5.68 percent in June 2007.
. The median number of days it took to sell a single-family home was 49.1
days in June 2008, compared with 51.5 days (revised) for the same period a
year ago.
Regional MLS sales and price information are 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® 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, 2.9 percent, or 11 out of 385 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
for June 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://new.car.org/economics/historicalprices/2008medianprices/june2008medianprices/.
. Statewide, the 10 cities with the highest median home prices in
California during June 2008 were: Manhattan Beach, $1,942,500; Los Altos,
$1,595,000; Burlingame, $1,575,000; Newport Beach, $1,325,000; Mill Valley,
$1,150,000; Los Gatos, $1,143,000; Cupertino, $1,072,500; San Carlos,
$1,022,500; Danville, $965,000; Santa Barbara, $950,000.
. Statewide, the 10 cities with the greatest median home price increases in
June 2008 compared with the same period a year ago were: Manhattan Beach,
49.4 percent; Cupertino, 33.3 percent; San Luis Obispo, 11.4 percent; Los
Gatos, 3 percent; San Carlos, 1.5 percent; Sunnyvale, 1.4 percent;
Ridgecrest, 1.4 percent; Campbell, 1.3 percent; Temple City, 0.9 percent;
San Rafael, 0.8 percent.
Leading the way...® in California real estate for more than 100 years, the
CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest
state trade organizations in the United States, with nearly 175,000 members
dedicated to the advancement of professionalism in real estate. C.A.R. is
headquartered in Los Angeles.
June 2008 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
|
Median Price |
Percent Change in Price from Prior Month |
Percent Change in Price from Prior Year |
Percent Change in Sales from Prior Month |
Percent Change in Sales from Prior Year |
||
|
|
Jun-08 |
May-08 |
|
Jun-07 |
|
May-08 |
Jun-07 |
|
Statewide |
|
|
|
|
|
|
|
|
Calif. (sf) |
$368,250 |
-4.3% |
|
-37.7% |
|
-0.7% |
17.5% |
|
Calif. (condo) |
$343,500 |
-4.0% |
|
-23.4% |
|
-0.6% |
-20.8% |
|
C.A.R. Region |
|
|
|
|
|
|
|
|
Central Valley |
NA |
NA |
|
NA |
|
NA |
NA |
|
High Desert |
$180,570 |
-10.0% |
|
-41.0% |
|
4.9% |
71.0% |
|
Los Angeles |
$396,560 |
-6.1% |
|
-32.3% |
|
-8.3% |
1.7% |
|
Monterey Region |
$450,000 |
1.2% |
|
-39.7% |
|
28.8% |
39.7% |
|
Monterey County |
$359,900 |
0.5% |
|
-49.9% |
|
32.8% |
103.9% |
|
Santa Cruz County |
$610,000 |
-1.2% |
|
-19.8% |
|
22.4% |
-8.9% |
|
Northern California |
$341,400 |
1.0% |
|
-13.0% |
|
12.1% |
-1.4% |
|
Northern Wine Country |
$415,820 |
-6.0% |
|
-34.5% |
|
8.0% |
7.1% |
|
Orange County |
$560,900 |
7.1% |
|
-22.5% |
|
-4.1% |
18.1% |
|
Palm Springs/Lower Desert |
$277,970 |
-1.9% |
|
-29.4% |
|
-4.0% |
19.0% |
|
Riverside/San Bernardino |
$261,980 |
1.7% |
|
-32.5% |
|
4.8% |
75.4% |
|
Sacramento |
$220,630 |
-5.4% |
|
-37.3% |
|
14.1% |
95.5% |
|
San Diego |
NA |
NA |
|
NA |
|
6.9% |
-20.1% |
|
San Francisco Bay |
$676,740 |
-1.5% |
|
-19.8% |
|
3.8% |
-4.7% |
|
San Luis Obispo |
$487,500 |
10.2% |
|
-22.0% |
|
-3.8% |
-16.3% |
|
Santa Barbara County |
$364,280 |
-8.9% |
|
-54.8% |
|
1.8% |
6.8% |
|
Santa Barbara South Coast |
$1,035,000 |
-13.7% |
|
-24.5% |
|
-4.2% |
-25.8% |
|
North Santa Barbara County |
$290,620 |
-2.4% |
|
-31.1% |
|
4.0% |
50.7% |
|
Santa Clara |
$740,000 |
-3.9% |
|
-14.5% |
|
6.4% |
-6.8% |
|
Ventura |
$480,430 |
-1.5% |
|
-30.6% |
|
6.3% |
-15.7% |
na - not available
*Based on closed escrow sales of single-family, detached homes only (no
condos). Reported month-to-month changes in sales activity in June
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®
Median Prices By Region -- Current Month vs. Year Ago
|
|
Jun-08 |
May-08 |
|
Jun-07 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$368,250 |
$384,840 |
|
$591,280 |
r |
|
Calif. (condo) |
$343,500 |
$357,970 |
|
$448,550 |
r |
|
C.A.R. Region |
|
|
|
|
|
|
Central Valley |
NA |
NA |
|
$329,960 |
|
|
High Desert |
$180,570 |
$200,740 |
|
$306,310 |
|
|
Los Angeles |
$396,560 |
$422,160 |
|
$586,020 |
r |
|
Monterey Region |
$450,000 |
$444,740 |
|
$746,390 |
r |
|
Monterey County |
$359,900 |
$358,000 |
|
$719,000 |
r |
|
Santa Cruz County |
$610,000 |
$617,500 |
|
$761,000 |
r |
|
Northern California |
$341,400 |
$337,870 |
|
$392,360 |
|
|
Northern Wine Country |
$415,820 |
$442,270 |
|
$634,480 |
|
|
Orange County |
$560,900 |
$523,890 |
|
$723,860 |
|
|
Palm Springs/Lower Desert |
$277,970 |
$283,480 |
|
$393,750 |
|
|
Riverside/San Bernardino |
$261,980 |
$257,660 |
|
$388,290 |
r |
|
Sacramento |
$220,630 |
$233,230 |
|
$351,620 |
|
|
San Diego |
NA |
$446,610 |
|
$619,180 |
|
|
San Francisco Bay |
$676,740 |
$686,810 |
|
$843,390 |
r |
|
San Luis Obispo |
$487,500 |
$442,310 |
|
$625,000 |
|
|
Santa Barbara County |
$364,280 |
$400,000 |
|
$806,820 |
r |
|
Santa Barbara South Coast |
$1,035,000 |
$1,199,000 |
|
$1,370,000 |
|
|
North Santa Barbara County |
$290,620 |
$297,820 |
|
$422,000 |
|
|
Santa Clara |
$740,000 |
$769,650 |
|
$865,000 |
|
|
Ventura |
$480,430 |
$487,790 |
|
$692,730 |
|
r- revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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