For release:
March 25, 2009
Quick Facts:
. Existing, single-family home sales
increased 83 percent in February to a seasonally adjusted rate of 620,410
on an annualized basis
. The statewide median price of an
existing single-family home decreased 40.8 percent
in February to $247,590
. C.A.R.’s Unsold Inventory Index
fell to 6.5 months in February, compared with 15.3 months in February
2008
. The median number of days it took
to sell a single-family home declined to 51.5 days in February 2009,
compared with 69.3 days in February 2008
C.A.R. reports February home sales increased 83 percent, median home price
declined 40.8 percent
LOS ANGELES (March 25) – Home sales increased 83 percent in February in
California compared with the same period a year ago, while the median price
of an existing home declined 40.8 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“Home sales in California continue to be considerably stronger than the
nationwide sales figures,” said C.A.R. President James Liptak. “The market
will continue to register large, but diminishing year-to-year percentage
gains in the coming months, as current sales are compared against the
extremely low numbers that prevailed during the early months of the credit
crunch.”
Closed escrow sales of existing, single-family detached homes in California
totaled 620,410 in February 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
83 percent from the revised 338,970 sales pace recorded in February 2008.
Sales in February 2009 decreased 0.8 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 February 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 February 2009 was $247,590, a 40.8 percent decrease from the revised
$418,260 median for February 2008, C.A.R. reported. The February 2009
median price fell 2.3 percent compared with January’s revised $253,330
median price.
“The California median price has declined by a larger margin than the
nationwide median price,” said C.A.R. Vice President and Chief Economist
Leslie Appleton-Young. “This can be attributed to the under $500,000
portion of the market, which has experienced larger price declines than the
other market segments due to the large share of distressed homes for sale.
This further contributed to the decline in the statewide median.”
Highlights of C.A.R.’s resale housing figures for January 2009:
. C.A.R.’s Unsold Inventory Index
for existing, single-family detached homes in February 2009 was 6.5 months,
compared with 15.3 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 5.13 percent during February 2009, compared with
5.92 percent in February 2008, according to Freddie Mac.
Adjustable-mortgage interest rates averaged 4.87 percent in February 2009,
compared with 5.03 percent in February 2008.
. The median number of days it took
to sell a single-family home was 51.5 days in February 2009, compared with
69.3 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, none of the 331 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 top 10 list is
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 February 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/feb2009medianprices.
. Statewide, the 10 cities with the highest median home prices in
California during February 2009 were: Santa Barbara, $897,500; San
Francisco, $640,000; Arcadia, $635,000; Redondo Beach, $630,000; San Mateo,
$630,000; San Clemente, $630,000; Huntington Beach, $592,500; Yorba Linda,
$565,000; San Ramon, $560,000; Redwood City, $550,000; Irvine, $546,000;
and Fountain Valley, $542,500.
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 180,000 members
dedicated to the advancement of professionalism in real estate. C.A.R. is
headquartered in Los Angeles.
February
2009 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
Feb. 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 |
|||
|
|
Feb-09 |
Jan-09 |
|
Feb-08 |
|
Jan-09 |
Feb-08 |
|
|
Statewide |
|
|
||||||
|
Calif. (sf) |
$247,590 |
-2.3% |
-40.8% |
-0.8% |
83.0% |
|||
|
Calif. (condo) |
$219,960 |
-0.2% |
-40.2% |
3.2% |
51.8% |
|||
|
|
|
|||||||
|
C.A.R. Region |
|
|
||||||
|
|
|
|||||||
|
High Desert |
$121,970 |
-4.5% |
-44.7% |
-4.8% |
203.1% |
|||
|
Los Angeles |
$308,540 |
1.2% |
-35.5% |
-9.4% |
69.3% |
|||
|
Monterey Region |
$241,130 |
-8.5% |
-61.1% |
1.6% |
116.7% |
|||
|
Monterey County |
$210,000 |
-8.7% |
-58.0% |
-0.7% |
179.4% |
|||
|
Santa Cruz County |
$380,000 |
-15.6% |
-44.5% |
9.6% |
24.7% |
|||
|
Northern California |
$255,810 |
-1.6% |
-22.3% |
-1.0% |
2.4% |
|||
|
Northern Wine Country |
$310,950 |
-6.1% |
-30.7% |
-4.1% |
70.6% |
|||
|
Orange County |
$433,690 |
2.5% |
-28.9% |
10.5% |
44.6% |
|||
|
Palm Springs/Lower Desert |
$156,000 |
1.9% |
-53.4% |
17.4% |
69.6% |
|||
|
Riverside/San Bernardino |
$174,400 |
-1.0% |
-39.8% |
-9.2% |
149.6% |
|||
|
Sacramento |
$168,700 |
-0.6% |
-34.8% |
2.1% |
81.0% |
|||
|
San Diego |
$320,980 |
-1.3% |
-28.8% |
-0.3% |
120.5% |
|||
|
San Francisco Bay |
$399,040 |
-0.9% |
-43.5% |
2.0% |
30.3% |
|||
|
San Luis Obispo |
$347,060 |
-9.0% |
-26.4% |
14.3% |
37.4% |
|||
|
Santa Barbara County |
$300,000 |
7.5% |
-38.6% |
-9.1% |
1.7% |
|||
|
Santa Barbara South Coast |
$715,000 |
-20.6% |
-44.8% |
9.1% |
-9.4% |
|||
|
North Santa Barbara County |
$228,260 |
1.4% |
-31.6% |
-19.1% |
10.8% |
|||
|
Santa Clara |
$445,000 |
-1.1% |
-42.9% |
-0.2% |
37.2% |
|||
|
Ventura |
$359,630 |
-1.3% |
-30.9% |
8.8% |
61.9% |
|||
* Santa Barbara County and Monterey County median prices decreased significantly from February 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®
|
|
Feb-09 |
Jan-09 |
|
Feb-08 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$247,590 |
$253,330 |
r |
$418,260 |
r |
|
Calif. (condo) |
$219,960 |
$220,320 |
r |
$367,540 |
|
|
|
|||||
|
Region |
|
|
|
|
|
|
|
|||||
|
High Desert |
$121,970 |
$127,750 |
$220,380 |
||
|
Los Angeles |
$308,540 |
$304,750 |
r |
$478,350 |
r |
|
Monterey Region |
$241,130 |
$263,540 |
$619,790 |
||
|
Monterey County |
$210,000 |
$230,000 |
$500,000 |
||
|
Santa Cruz County |
$380,000 |
$450,000 |
$685,000 |
||
|
Northern California |
$255,810 |
$259,920 |
$329,140 |
r |
|
|
Northern Wine Country |
$310,950 |
$331,150 |
$449,000 |
||
|
Orange County |
$433,690 |
$423,100 |
$609,970 |
r |
|
|
Palm Springs/Lower Desert |
$156,000 |
$153,150 |
$334,900 |
||
|
Riverside/San Bernardino |
$174,400 |
$176,180 |
r |
$289,660 |
|
|
Sacramento |
$168,700 |
$169,670 |
$258,680 |
||
|
San Diego |
$320,980 |
$325,260 |
$450,710 |
||
|
San Francisco Bay |
$399,040 |
$402,750 |
$706,880 |
||
|
San Luis Obispo |
$347,060 |
$381,250 |
$471,740 |
||
|
Santa Barbara County |
$300,000 |
$279,170 |
$488,890 |
r |
|
|
Santa Barbara South Coast |
$715,000 |
$900,000 |
$1,295,000 |
||
|
North Santa Barbara County |
$228,260 |
$225,000 |
$333,930 |
||
|
Santa Clara |
$445,000 |
$450,000 |
$780,000 |
||
|
Ventura |
$359,630 |
$364,530 |
$520,270 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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