For release:
Friday, Oct. 24, 2008
C.A.R. reports sales increased 96.7 percent; median home price fell 40.9
percent in September
LOS ANGELES (Oct. 24) – Home sales increased 96.7 percent in September in
California compared with the same period a year ago, while the median price
of an existing home fell 40.9 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“Statewide sales in September edged past the 500,000 threshold for the
first time in more than two years, rising 2.3 percent compared with August
and 96.7 percent compared with a year ago,” said C.A.R. President William
E. Brown. “This dramatic increase in sales owes as much to market weakness
a year ago in the early stages of the credit crunch, as it does to the
growth of sales in September this year. Similar increases occurred in the
early 1980s when the market was climbing out of a comparatively steep
downturn in sales.
“We expect the market to register significant year-to-year percentage gains
in the coming months as current sales are compared against extremely low
numbers that prevailed during the fourth quarter of last year,” he
said.
Closed escrow sales of existing, single-family detached homes in California
totaled 502,190 in September 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
96.7 percent from the revised 255,340 sales pace recorded in September
2007. Sales in September 2008 increased 2.3 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 September 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 September 2008 was $316,480, a 40.9 percent decrease from the
revised $535,760 median for September 2007, C.A.R. reported. The September
2008 median price fell 9.6 percent compared with August’s $350,140 median
price.
“There is still no clear sign that the statewide median price has begun to
stabilize, and recent events in the economy and financial system
undoubtedly contributed to the steep decline in September, both directly
and through weakened consumer confidence,” said C.A.R. Vice President and
Chief Economist Leslie Appleton-Young. “However, individual markets may be
faring better than the statewide median at this time.
“The median also will continue to face downward pressure from the large
share of distressed sales and a dramatic change in the sales mix,” she
said. “A year ago, the under $500,000 price range accounted for 46 percent
of sales but shifted to 76 percent as of September.”
Highlights of C.A.R.’s resale housing figures for September 2008:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in September 2008 was 6.5 months, compared with 16 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
September 2008, compared with 6.38 percent in September 2007, according to
Freddie Mac. Adjustable-mortgage interest rates averaged 5.14 percent in
September 2008, compared with 5.66 percent in September 2007.
. The median number of days it took to sell a single-family home was 46.1
days in September 2008, compared with 56.7 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, 2.6 percent, or 10 out of 382 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 September 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/economics/historicalprices/2008medianprices/sep2008medianprices/
. Statewide, the 10 cities with the highest median home prices in
California during September 2008 were: Los Gatos, $1,200,000; Newport
Beach, $1,172,000; Cupertino, $915,000; Danville, $905,000; Santa Barbara,
$900,000; Santa Monica, $863,000; Redwood City, $805,000; San Ramon,
$750,000; Pleasanton, $737,000; and Redondo Beach, $720,000.
. Statewide, the cities with the greatest median home price increases in
September 2008 compared with the same period a year ago were: Culver City,
15.5 percent; Truckee, 7.6 percent; South Lake Tahoe, 6.5 percent; Redwood
City, 6.3 percent; Berkeley 5.4 percent; Santa Monica, 1.6 percent;
Pleasanton, 1.4 percent; Fountain Valley, 0.4 percent; and Walnut Creek 0.3
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.
September
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 |
|||
|
|
Sep-08 |
Aug-08 |
|
Sep-07 |
|
Aug-08 |
Sep-07 |
|
Statewide |
|
|
|||||
|
Calif. (sf) |
$316,480 |
-9.6% |
-40.9% |
2.3% |
96.7% |
||
|
Calif. (condo) |
$292,620 |
0.2% |
-29.0% |
-6.9% |
41.7% |
||
|
|
|
||||||
|
C.A.R. Region |
|
|
|||||
|
Central Valley |
NA |
NA |
NA |
NA |
NA |
||
|
High Desert |
$159,720 |
-5.6% |
-41.3% |
18.6% |
244.9% |
||
|
Los Angeles |
$376,790 |
-4.6% |
-35.3% |
-0.2% |
82.9% |
||
|
Monterey Region |
$347,920 |
-6.1% |
-50.9% |
-1.2% |
156.2% |
||
|
Monterey County |
$280,000 |
-7.3% |
-58.4% |
1.2% |
246.3% |
||
|
Santa Cruz County |
$475,000 |
-18.4% |
-32.4% |
-6.5% |
61.1% |
||
|
Northern California |
$321,320 |
-3.1% |
-16.2% |
-5.3% |
46.7% |
||
|
Northern Wine Country |
$369,180 |
-4.8% |
-33.1% |
3.6% |
82.6% |
||
|
Orange County |
$498,640 |
-2.5% |
-27.9% |
-5.4% |
78.0% |
||
|
Palm Springs/Lower Desert |
$199,810 |
-10.0% |
-42.3% |
17.4% |
135.3% |
||
|
Riverside/San Bernardino |
$217,730 |
-3.4% |
-39.3% |
3.2% |
258.5% |
||
|
Sacramento |
$195,900 |
-11.3% |
-39.8% |
8.0% |
186.3% |
||
|
San Diego |
$373,620 |
-0.4% |
-33.4% |
-25.3% |
86.7% |
||
|
San Francisco Bay |
$554,730 |
-10.4% |
-29.2% |
-3.0% |
60.3% |
||
|
San Luis Obispo |
$375,000 |
-9.6% |
-27.8% |
-1.2% |
23.5% |
||
|
Santa Barbara County |
$355,560 |
-11.1% |
-50.2% |
8.2% |
76.9% |
||
|
Santa Barbara South Coast |
$935,000 |
-6.5% |
-40.2% |
-2.7% |
42.0% |
||
|
North Santa Barbara County |
$255,440 |
-4.2% |
-30.6% |
10.8% |
109.3% |
||
|
Santa Clara |
$600,000 |
-7.7% |
-29.0% |
2.2% |
68.7% |
||
|
Ventura |
$431,770 |
-9.7% |
-36.7% |
-5.5% |
89.0% |
||
|
Note: Santa Barbara County and Monterey County median prices decreased significantly from Sep 07 due mainly to high proportion of total sales from lower properties in the regions. |
|||||||
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
|
|
Sep-08 |
Aug-08 |
|
Sep-07 |
|
|
Statewide |
|
||||
|
Calif. (sf) |
$316,480 |
$350,140 |
$535,760 |
r |
|
|
Calif. (condo) |
$292,620 |
$292,100 |
$412,040 |
r |
|
|
|
|||||
|
C.A.R. Region |
|
||||
|
Central Valley |
NA |
NA |
NA |
||
|
High Desert |
$159,720 |
$169,200 |
$271,940 |
||
|
Los Angeles |
$376,790 |
$394,870 |
$582,450 |
r |
|
|
Monterey Region |
$347,920 |
$370,410 |
$708,330 |
r |
|
|
Monterey County |
$280,000 |
$302,000 |
$672,950 |
r |
|
|
Santa Cruz County |
$475,000 |
$582,000 |
$702,500 |
r |
|
|
Northern California |
$321,320 |
$331,480 |
$383,330 |
||
|
Northern Wine Country |
$369,180 |
$387,740 |
$551,680 |
||
|
Orange County |
$498,640 |
$511,270 |
$691,840 |
r |
|
|
Palm Springs/Lower Desert |
$199,810 |
$221,940 |
$346,080 |
||
|
Riverside/San Bernardino |
$217,730 |
$225,390 |
$358,680 |
r |
|
|
Sacramento |
$195,900 |
$220,890 |
$325,550 |
||
|
San Diego |
$373,620 |
$375,090 |
$560,840 |
||
|
San Francisco Bay |
$554,730 |
$619,300 |
$783,370 |
r |
|
|
San Luis Obispo |
$375,000 |
$415,000 |
$519,740 |
||
|
Santa Barbara County |
$355,560 |
$400,000 |
$714,280 |
r |
|
|
Santa Barbara South Coast |
$935,000 |
$1,000,000 |
r |
$1,564,000 |
|
|
North Santa Barbara County |
$255,440 |
$266,670 |
$367,860 |
||
|
Santa Clara |
$600,000 |
$650,000 |
$845,000 |
r |
|
|
Ventura |
$431,770 |
$478,410 |
$681,820 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
| Share: |
|
Print