For release:
Thursday, Sept. 25, 2008
C.A.R. reports sales increased 56.7 percent; median home price fell 40.5 percent in August
LOS ANGELES (Sept. 25) – Home sales increased 56.7 percent in August in California compared with the same period a year ago, while the median price of an existing home fell 40.5 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Sales are now 85 percent above the monthly trough for this
cycle, which occurred in October 2007, and for the first time this year
are ahead of 2007 in year-to-date terms,” said C.A.R. President William
E. Brown.
“While this is encouraging
news, we don’t expect to see a housing market recovery until prices
stabilize and the number of distressed properties on the market declines,”
Brown said. “Sales gains continue to be driven by the large share of
deeply-discounted distressed sales in many parts of the state.”
Closed escrow sales of
existing, single-family detached homes in California totaled 490,850 in
August 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 56.7 percent from the
revised 313,310 sales pace recorded in August 2007. Sales in August 2008
increased 1.8 percent compared with the previous month.
The statewide sales figure
represents what the total number of homes sold during 2008 would be if
sales maintained the August 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 August 2008 was
$350,140, a 40.5 percent decrease from the revised $588,670 median for
August 2007, C.A.R. reported. The August 2008 median price fell 0.2
percent compared with July’s revised $350,890 median price.
“Although the month-to-month decline in the median price was
the smallest in a year, it’s still premature to say that the median
price has begun to stabilize,” said C.A.R. Vice President and Chief
Economist Leslie Appleton-Young.
“While sales appear to have turned the corner, the median will experience additional downward pressure as we move into the off-peak season in the coming months, and will continue to face pressure from distressed sales," she said. "Sales are just one of the variables that must fall into place before we see real improvement in the market.”
Highlights of C.A.R.’s resale housing figures for August 2008:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2008 was 6.7 months, compared with 10.6 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 6.48 percent during August 2008, compared with 6.57 percent in August 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.26 percent in August 2008, compared with 5.67 percent in August 2007.
.
The median number of days it took to sell a single-family home
was 47.3 days in August 2008, compared with 54.7 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, 1.1 percent, or 4 out of 366 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 July 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://car.org:/economics/historicalprices/2008medianprices/aug2008medianprices/
. Statewide, the 10 cities with the highest median home prices in California during August 2008 were: Newport Beach, $1,400,000; Los Gatos, $1,225,000; Burlingame, $1,210,000; Manhattan Beach, $1,190,000; Cupertino, $1,153,000; Santa Barbara, $1,000,000; Santa Monica, $985,000; San Carlos $900,000; Danville, $885,000; Mountain View, $885,000; and San Clemente, $784,500.
.
Statewide, the cities with the greatest median home price increases in
August 2008 compared with the same period a year ago were: Mountain View,
17 percent; Cupertino, 5.5 percent; Santa Monica, 1.3 percent; and Alhambra
0.4 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.
August 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 |
||
|
|
Aug-08 |
Jul-08 |
|
Aug-07 |
|
Jul-08 |
Aug-07 |
|
Statewide |
|
|
|||||
|
Calif. (sf) |
$350,140 |
-0.2% |
-40.5% |
1.8% |
56.7% |
||
|
Calif. (condo) |
$292,100 |
-11.7% |
-32.0% |
1.2% |
16.3% |
||
|
C.A.R. REGION |
|
|
|||||
|
Central Valley |
NA |
NA |
NA |
NA |
NA |
||
|
High Desert |
$169,200 |
-4.6% |
-41.1% |
-4.0% |
127.9% |
||
|
Los Angeles |
$394,870 |
-0.1% |
-35.0% |
-2.0% |
28.6% |
||
|
Monterey Region |
$370,410 |
-4.9% |
-53.1% |
14.6% |
76.5% |
||
|
Monterey County |
$302,000 |
-6.8% |
-61.1% |
23.6% |
146.2% |
||
|
Santa Cruz County |
$582,000 |
-4.7% |
-25.4% |
-0.6% |
10.7% |
||
|
Northern California |
$331,480 |
0.6% |
-10.5% |
1.9% |
16.7% |
||
|
Northern Wine Country |
$387,740 |
-3.9% |
-35.4% |
-1.7% |
23.7% |
||
|
Orange County |
$511,270 |
-4.9% |
-29.1% |
-7.8% |
31.4% |
||
|
Palm Springs/Lower Desert |
$221,940 |
-7.3% |
-41.3% |
-11.1% |
29.3% |
||
|
Riverside/San Bernardino |
$225,390 |
-5.4% |
-39.8% |
-1.1% |
143.3% |
||
|
Sacramento |
$220,890 |
0.8% |
-33.6% |
-5.6% |
107.4% |
||
|
San Diego |
$375,090 |
-2.0% |
-37.0% |
17.2% |
60.5% |
||
|
San Francisco Bay |
$619,300 |
-6.6% |
-25.4% |
-5.2% |
9.6% |
||
|
San Luis Obispo |
$415,000 |
-10.6% |
-30.6% |
-9.8% |
15.4% |
||
|
Santa Barbara County |
$400,000 |
-15.4% |
-51.7% |
13.3% |
15.6% |
||
|
Santa Barbara South Coast |
$930,000 |
-1.1% |
-24.4% |
4.6% |
-20.9% |
||
|
North Santa Barbara County |
$266,670 |
-9.0% |
-31.8% |
17.2% |
61.9% |
||
|
Santa Clara |
$650,000 |
-8.0% |
-23.5% |
-1.8% |
9.1% |
||
|
Ventura |
$478,410 |
0.7% |
-28.6% |
-6.0% |
13.2% |
||
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
|
|
Aug-08 |
Jul-08 |
|
Aug-07 |
|
|
Statewide |
|
||||
|
Calif. (sf) |
$350,140 |
$350,890 |
r |
$588,670 |
r |
|
Calif. (condo) |
$292,100 |
$330,660 |
$429,330 |
r |
|
|
|
|||||
|
C.A.R. REGION |
|
||||
|
Central Valley |
NA |
NA |
$303,680 |
r |
|
|
High Desert |
$169,200 |
$177,330 |
$287,390 |
||
|
Los Angeles |
$394,870 |
$395,240 |
r |
$607,580 |
r |
|
Monterey Region |
$370,410 |
$389,440 |
$789,290 |
r |
|
|
Monterey County |
$302,000 |
$324,000 |
$777,000 |
r |
|
|
Santa Cruz County |
$582,000 |
$611,000 |
$780,000 |
r |
|
|
Northern California |
$331,480 |
$329,380 |
$370,390 |
||
|
Northern Wine Country |
$387,740 |
$403,300 |
$600,000 |
||
|
Orange County |
$511,270 |
$537,570 |
$721,580 |
r |
|
|
Palm Springs/Lower Desert |
$221,940 |
$239,360 |
$377,920 |
||
|
Riverside/San Bernardino |
$225,390 |
$238,190 |
$374,560 |
r |
|
|
Sacramento |
$220,890 |
$219,150 |
$332,510 |
||
|
San Diego |
$375,090 |
$382,800 |
$595,070 |
||
|
San Francisco Bay |
$619,300 |
$663,190 |
$830,010 |
r |
|
|
San Luis Obispo |
$415,000 |
$464,280 |
$598,400 |
||
|
Santa Barbara County |
$400,000 |
$472,730 |
$828,120 |
r |
|
|
Santa Barbara South Coast |
$930,000 |
$940,000 |
$1,230,000 |
r |
|
|
North Santa Barbara County |
$266,670 |
$293,180 |
$390,740 |
||
|
Santa Clara |
$650,000 |
$706,500 |
$850,000 |
r |
|
|
Ventura |
$478,410 |
$475,000 |
$669,870 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS ®
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