For release:
Wednesday June 25, 2008
LOS ANGELES (June 25)
Home sales increased 18.1 percent in May in California compared with
the same period a year ago, while the median price of an existing home fell
35.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported
today.
"Home sales exceeded 400,000 last month for the first time since early
2007. While this is a welcome sign for the market, it was due in part to
the large share of distressed homes for sale in many parts of the state,"
said C.A.R. President William E. Brown. "Sales also rose above their
year ago levels for the second month in a row after 30 consecutive months
of year-to-year decreases. The lower prices associated with distressed
sales along with favorable interest rates both contributed to higher sales
levels."
Closed escrow sales of existing, single-family detached homes in California
totaled 423,700 in May 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 18.1
percent from the revised 358,640 sales pace recorded in May 2007.
The statewide sales figure represents what the total number of homes sold
during 2008 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 2008 was $384,840, a 35.3 percent decrease from the revised
$594,530 median for May 2007, C.A.R. reported. The May 2008 median price
fell 4.7 percent compared with April's $403,870 median price.
"The statewide median price declined 35.3 percent to $384,840 in May, a
record for year-to-year percentage decreases in the median, reflecting the
effect of large numbers of short sales and foreclosures in the market,"
said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.
"With the statewide median in the $585,000- to $595,000-range through
August of last year, we expect the market to continue to experience large
year-to-year adjustments through the summer, even if the median price holds
steady over the next few months."
Highlights of C.A.R.'s resale housing figures for May 2008:
. C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in May 2008 was 8.4 months, compared with 10.7 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 6.04 percent during
May 2008, compared with 6.26 percent in May 2007, according to Freddie Mac.
Adjustable-mortgage interest rates averaged 5.24 percent in May 2008,
compared with 5.52 percent in May 2007.
. The median number of days it took to sell a single-family home was 49.7
days in May 2008, compared with 50.8 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® 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, 4.1 percent, or 15 out of 369 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 May 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=Mzg1Mjg.
. Statewide, the 10 cities with the highest median home prices in
California during May 2008 were: Los Altos, $1,710,000; Burlingame,
$1,700,500; Saratoga, $1,506,500; Mill Valley, $1,475,000; Los Gatos,
$1,350,000; Newport Beach, $1,250,000; Cupertino, $1,172,500; Santa
Barbara, $1,066,000; Rancho Palos Verdes, $950,000; San Carlos,
$900,000.
. Statewide, the 10 cities with the greatest median home price increases in
May 2008 compared with the same period a year ago were: Sonoma, 61 percent;
Cupertino, 16.7 percent; Mill Valley, 14.6 percent; Los Gatos, 10.2
percent; Sunnyvale, 4.7 percent; Fullerton, 3 percent; Burlingame, 2.1
percent; Santa Barbara, 2 percent; Los Altos, 1.8 percent; Folsom, 0.5
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.
May 2008 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
May-08 |
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 |
||
|
|
May-08 |
Apr-08 |
|
May-07 |
|
Apr-08 |
May-07 |
|
Statewide |
|
|
|
|
|
|
|
|
Calif. (sf) |
$384,840 |
-4.7% |
|
-35.3% |
|
15.5% |
18.1% |
|
Calif. (condo) |
$357,970 |
-1.8% |
|
-19.8% |
|
10.5% |
-20.6% |
|
|
|
|
|
|
|
|
|
|
Region |
|
|
|
|
|
|
|
|
Central Valley |
NA |
NA |
|
NA |
|
NA |
NA |
|
High Desert |
$200,740 |
-4.8% |
|
-36.0% |
|
31.5% |
65.4% |
|
Los Angeles |
$422,160 |
-3.1% |
|
-29.2% |
|
21.3% |
9.9% |
|
Monterey Region |
$444,740 |
-10.2% |
|
-40.1% |
|
3.9% |
10.0% |
|
Monterey County |
$358,000 |
-10.5% |
|
-48.5% |
|
0.0% |
39.3% |
|
Santa Cruz County |
$617,500 |
-8.5% |
|
-20.7% |
|
10.6% |
-17.2% |
|
Northern California |
$337,870 |
-2.4% |
|
-12.4% |
|
-3.4% |
-17.6% |
|
Northern Wine Country |
$442,270 |
-2.6% |
|
-27.5% |
|
12.8% |
0.0% |
|
Orange County |
$523,890 |
-9.4% |
|
-26.6% |
|
29.6% |
24.5% |
|
Palm Springs/Lower Desert |
$283,480 |
-6.8% |
|
-27.7% |
|
3.9% |
13.7% |
|
Riverside/San Bernardino |
$257,660 |
-7.6% |
|
-34.9% |
|
35.2% |
78.9% |
|
Sacramento |
$233,230 |
-1.1% |
|
-34.5% |
|
14.0% |
76.0% |
|
San Diego |
$446,610 |
0.7% |
|
-27.1% |
|
-22.2% |
-22.3% |
|
San Francisco Bay |
$686,810 |
-0.7% |
|
-19.5% |
|
19.5% |
-8.6% |
|
San Luis Obispo |
$442,310 |
-1.7% |
|
-23.7% |
|
-1.6% |
7.1% |
|
Santa Barbara County |
$400,000 |
-24.2% |
|
-55.4% |
|
4.9% |
23.2% |
|
Santa Barbara South Coast |
$1,199,000 |
6.6% |
|
-10.9% |
|
-7.9% |
-16.7% |
|
North Santa Barbara County |
$297,820 |
-1.3% |
|
-32.8% |
|
17.6% |
85.2% |
|
Santa Clara |
$769,650 |
2.3% |
|
-10.0% |
|
31.4% |
-13.3% |
|
Ventura |
$487,790 |
-1.8% |
|
-30.3% |
|
-7.2% |
-12.7% |
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 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®
Median Prices By Region vs. Current Month vs. Year Ago
|
|
May-08 |
Apr-08 |
|
May-07 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$384,840 |
$403,870 |
|
$594,530 |
r |
|
Calif. (condo) |
$357,970 |
$364,640 |
|
$446,070 |
r |
|
|
|
|
|
|
|
|
Region |
|
|
|
|
|
|
Central Valley |
NA |
NA |
|
$331,580 |
|
|
High Desert |
$200,740 |
$210,860 |
|
$313,550 |
|
|
Los Angeles |
$422,160 |
$435,500 |
|
$596,690 |
r |
|
Monterey Region |
$444,740 |
$495,240 |
|
$742,040 |
r |
|
Monterey County |
$358,000 |
$399,900 |
|
$695,000 |
|
|
Santa Cruz County |
$617,500 |
$675,000 |
|
$779,000 |
|
|
Northern California |
$337,870 |
$346,260 |
|
$385,870 |
|
|
Northern Wine Country |
$442,270 |
$454,210 |
|
$610,220 |
|
|
Orange County |
$523,890 |
$578,010 |
|
$714,130 |
|
|
Palm Springs/Lower Desert |
$283,480 |
$304,020 |
|
$392,200 |
|
|
Riverside/San Bernardino |
$257,660 |
$278,800 |
|
$396,010 |
r |
|
Sacramento |
$233,230 |
$235,940 |
|
$356,100 |
|
|
San Diego |
$446,610 |
$443,520 |
|
$612,370 |
|
|
San Francisco Bay |
$686,810 |
$691,930 |
|
$852,710 |
r |
|
San Luis Obispo |
$442,310 |
$450,000 |
|
$579,540 |
r |
|
Santa Barbara County |
$400,000 |
$527,780 |
|
$897,730 |
r |
|
Santa Barbara South Coast |
$1,199,000 |
$1,125,000 |
r |
$1,345,500 |
|
|
North Santa Barbara County |
$297,820 |
$301,850 |
|
$442,860 |
|
|
Santa Clara |
$769,650 |
$752,500 |
|
$855,000 |
r |
|
Ventura |
$487,790 |
$496,530 |
|
$699,480 |
|
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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