For release:
Thursday, May 28, 2009
C.A.R. reports April home sales increased 49.2 percent, median home price
declined 36.5 percent
Multimedia:
Unsold Inventory by price point:
http://car.org/media/ppt/Press_Release_-_Unsold_Inve1.ppt
Quick Facts:
· Existing, single-family
home sales increased 49.2 percent in April to a seasonally adjusted rate
of
540,360 on an annualized basis
· The statewide median
price of an existing single-family home increased 1.4 percent in April
to
$256,700, compared with March 2009
· C.A.R.’s Unsold
Inventory Index fell to 4.6 months in April, compared with 9.8 months
in April 2008
· The median number of
days it took to sell a single-family home declined to 48.7 days in April
2009,
compared with 51.8 days in April 2008
C.A.R. reports April home sales increased 49.2 percent, median home price
declined 36.5 percent
LOS ANGELES (May 28) – Home sales increased 49.2 percent in April in
California compared with the same period a year ago, while the median price
of an existing home declined 36.5 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“With annualized sales at 540,360 units, April marked the eighth
consecutive month of home sales above the 500,000 level,” said C.A.R.
President James Liptak.
“Regional sales were impacted by the state’s two-tier market,” he said.
“
Inventory levels for homes in the under $500,000
segment shrank to nearly three months in April, compared with almost 10
months a year ago, while unsold inventory in the more than $1 million
segment rose to approximately 17 months, compared with roughly 10 months in
April 2008.
“The dramatic difference in inventory exemplifies how the low end of the
market is attracting more first-time buyers and investors, creating a
shortage of distressed properties for sale,” he added.
Closed escrow sales of existing, single-family detached homes in California
totaled 540,360 in April 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
49.2 percent from the revised 362,170 sales pace recorded in April 2008.
Sales in April 2009 increased 3.2 percent compared with the previous
month.
The statewide sales figure represents what the total number of homes sold
during 2009 would be if sales maintained the April 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 April 2009 was $256,700, a 36.5 percent decrease from the revised
$404,470 median for April 2008, C.A.R. reported. The April 2009 median
price rose 1.4 percent compared with March’s $253,040 median
price.
“The statewide median price has increased for two consecutive months, and
the nine-month string of year-to-year price declines in the 40-percent
range has ended,” said C.A.R.’s Chief Economist Leslie Appleton-Young. “It
appears that the median price is now at or near the bottom.
“Favorable home prices in many parts of the state have led to an increase
in affordability for first-time buyers. In the first quarter of 2009,
affordability rose to 69 percent, enabling many to take advantage of
first-time buyer programs and near record-low interest rates,” said
Appleton-Young. The jumbo loan market, however, continues to be starved for
financing, constraining sales for the high-end segment.”
Highlights of C.A.R.’s resale housing figures for April 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in April 2009 was 4.6 months, compared with 9.8 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 4.81 percent during
April 2009, compared with 5.92 percent in April 2008, according to Freddie
Mac. Adjustable-mortgage interest rates averaged 4.82 percent in April
2009, compared with 5.19 percent in April 2008.
. The median number of days it took to sell a single-family home was 48.7
days in April 2009, compared with 51.8 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, six of the 348 cities and communities
reporting 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 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 April 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/2009medianprices/apr09medianprices/
. Statewide, the 10 cities with the highest median home prices in
California during April 2009 were: Santa Barbara, $870,000; Los Gatos,
$870,000; Newport Beach, $853,500; Santa Monica, $820,000; Cupertino,
$811,000; Danville, $725,000; Arcadia, $686,090.50; Redondo Beach,
$660,000; San Clemente, $659,500; San Ramon, $630,000; and San Francisco,
$625,000.
. Statewide, the cities with the greatest median home price increases in
April 2009 compared with the same period a year ago were: Laguna Hills,
23.1 percent, Encinitas; 1.1 percent; and Alhambra, 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 155,000 members
dedicated to the advancement of professionalism in real estate. C.A.R. is
headquartered in Los Angeles.
April 2009 Regional Sales
and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
April-09 |
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 |
||
|
|
Apr-09 |
Mar-09 |
|
Apr-08 |
|
Mar-09 |
Apr-08 |
|
Statewide |
|
|
|||||
|
Calif. (sf) |
$256,700 |
1.4% |
-36.5% |
3.2% |
49.2% |
||
|
Calif. (condo) |
$225,320 |
3.4% |
-38.0% |
6.4% |
36.8% |
||
|
|
|
||||||
|
C.A.R. Region |
|
|
|||||
|
|
|
||||||
|
High Desert |
$106,530 |
-7.1% |
-49.5% |
11.0% |
146.9% |
||
|
Los Angeles |
$300,690 |
1.9% |
-31.0% |
9.7% |
43.1% |
||
|
Monterey Region |
$244,520 |
0.2% |
-50.6% |
-1.2% |
64.3% |
||
|
Monterey County |
$212,000 |
-2.3% |
-47.0% |
-6.5% |
92.3% |
||
|
Santa Cruz County |
$425,000 |
6.3% |
-37.0% |
18.0% |
15.9% |
||
|
Northern California |
$263,350 |
3.1% |
-18.6% |
2.9% |
-6.9% |
||
|
Northern Wine Country |
$320,000 |
-3.9% |
-29.5% |
11.1% |
30.5% |
||
|
Orange County |
$432,110 |
-2.8% |
-26.7% |
-1.6% |
13.3% |
||
|
Palm Springs/Lower Desert |
$150,140 |
-4.8% |
-50.6% |
11.7% |
47.4% |
||
|
Riverside/San Bernardino |
$156,840 |
-6.3% |
-43.7% |
-0.9% |
99.4% |
||
|
Sacramento |
$167,340 |
-1.2% |
-29.1% |
-1.2% |
17.6% |
||
|
San Diego |
$340,190 |
5.2% |
-23.3% |
-2.1% |
62.6% |
||
|
San Francisco Bay |
$441,000 |
9.2% |
-36.3% |
15.2% |
16.5% |
||
|
San Luis Obispo |
$338,160 |
-6.0% |
-24.9% |
1.2% |
-11.9% |
||
|
Santa Barbara County |
$382,350 |
31.3% |
-27.6% |
10.8% |
-4.9% |
||
|
Santa Barbara South Coast |
$840,000 |
5.3% |
-28.2% |
32.0% |
-14.3% |
||
|
North Santa Barbara County |
$244,440 |
7.2% |
-19.0% |
-4.3% |
3.5% |
||
|
Santa Clara |
$465,000 |
3.6% |
-38.2% |
30.5% |
40.7% |
||
|
Ventura |
$394,540 |
8.1% |
-20.5% |
-9.7% |
12.0% |
||
* Santa Barbara County and Monterey County median prices decreased significantly from April 2008 due mainly to the high proportion of total sales from lower-priced properties in the regions.
na - not available
* Based on closed escrow sales of single‑family, detached homes only (no
condos). 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
|
|
Apr-09 |
Mar-09 |
|
Apr-08 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$256,700 |
$253,040 |
$404,470 |
r |
|
|
Calif. (condo) |
$225,320 |
$218,010 |
$363,660 |
r |
|
|
|
|||||
|
C.A.R. Region |
|
|
|
|
|
|
|
|||||
|
High Desert |
$106,530 |
$114,670 |
$210,860 |
||
|
Los Angeles |
$300,690 |
$295,100 |
$435,980 |
||
|
Monterey Region |
$244,520 |
$243,920 |
$495,240 |
||
|
Monterey County |
$212,000 |
$217,000 |
$399,900 |
||
|
Santa Cruz County |
$425,000 |
$400,000 |
$675,000 |
||
|
Northern California |
$263,350 |
$255,520 |
$323,650 |
r |
|
|
Northern Wine Country |
$320,000 |
$332,990 |
$454,210 |
||
|
Orange County |
$432,110 |
$444,520 |
$589,520 |
r |
|
|
Palm Springs/Lower Desert |
$150,140 |
$157,660 |
$304,020 |
||
|
Riverside/San Bernardino |
$156,840 |
$167,340 |
$278,800 |
||
|
Sacramento |
$167,340 |
$169,300 |
$235,940 |
||
|
San Diego |
$340,190 |
$323,320 |
$443,520 |
||
|
San Francisco Bay |
$441,000 |
$403,780 |
$691,930 |
||
|
San Luis Obispo |
$338,160 |
$359,680 |
$450,000 |
||
|
Santa Barbara County |
$382,350 |
$291,250 |
$527,780 |
||
|
Santa Barbara South Coast |
$840,000 |
$797,500 |
r |
$1,170,000 |
r |
|
North Santa Barbara County |
$244,440 |
$228,120 |
$301,850 |
||
|
Santa Clara |
$465,000 |
$448,750 |
$752,500 |
||
|
Ventura |
$394,540 |
$364,920 |
$496,530 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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