For release:
Thursday, Feb. 26 2009
Quick Facts:
· Existing, single-family home sales
increased 100.8 percent in January to a seasonally adjusted rate
of 624,940 on an annualized basis
· The statewide median price of an
existing single-family home decreased 40.5 percent in January
to $254,350
· C.A.R.’s Unsold Inventory Index
was 6.7 months in January, compared with 16.6 months in
January 2008
· The median number of days it took
to sell a single-family home was 49.9 days in January 2009,
compared with 70.8 days in January 2008
C.A.R. reports sales increased 100.8 percent; median home price declined
40.5 percent in January
LOS ANGELES (Feb. 26) – Home sales increased 100.8 percent in January 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.
“Statewide sales in January edged past the 600,000 threshold for the first
time since October 2005,” said C.A.R. President James Liptak. “The strength
in California home sales in recent months signifies that the market is
gradually working its way through the large numbers of distressed sales
that have followed in the wake of the troubled mortgage problem. With
favorable home prices and historically low mortgage rates, affordability in
the California housing market is now at its highest since the start of the
decade.”
Closed escrow sales of existing, single-family detached homes in California
totaled 624,940 in January 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
100.8 percent from the revised 311,160 sales pace recorded in January 2008.
Sales in January 2009 increased 14 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 January 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 January 2009 was $254,350, a 40.5 percent decrease from the revised
$427,200 median for January 2008, C.A.R. reported. The January 2009 median
price fell 9.5 percent compared with December’s revised $281,180 median
price.
“A lot of attention has rightfully been directed toward the high number of
distressed properties,” said C.A.R. Vice President and Chief Economist
Leslie Appleton-Young. “California’s housing market also is feeling the
effects of a drought in the availability of jumbo mortgage loans.
“Since the start of the credit crisis in 2007, jumbo lending has been
severely constrained to the point where markets that rely on jumbo loans
experienced a 24 percent year-to-year decline in sales in the month of
January. This stands in contrast to the 100 percent sales gain the overall
market experienced,” she said.
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 January 2009 was 6.7 months,
compared with 16.6 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 5.05 percent during January 2009, compared with
5.76 percent in January 2008, according to Freddie Mac. Adjustable-mortgage
interest rates averaged 4.92 percent in January 2009, compared with 5.23
percent in January 2008.
. The median number of days it took
to sell a single-family home was 49.9 days in January 2009, compared with
70.8 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, 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 January 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/jan2009medianprices.
. Statewide, the 10 cities with the highest median home prices in
California during January 2009 were: Santa Barbara, $939,250; Redondo
Beach, $672,500; Pleasanton, $655,000; San Clemente, $602,500; San Ramon,
$582,000; Yorba Linda, $566,750; San Francisco, $561,000; Huntington Beach,
$555,000; Encinitas, $550,000; and Sunnyvale, $530,000.
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.
January 2009 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 |
|||||
|
|
Jan-09 |
Dec-08 |
|
Jan-08 |
|
Dec-08 |
Jan-08 |
||
|
Statewide |
|
|
|||||||
|
Calif. (sf) |
$254,350 |
-9.5% |
-40.5% |
14.0% |
100.8% |
||||
|
Calif. (condo) |
$218,960 |
-7.2% |
-41.0% |
-18.3% |
58.2% |
||||
|
|
|
||||||||
|
C.A.R. Region |
|
|
|||||||
|
High Desert |
$127,750 |
-7.1% |
-45.5% |
-10.5% |
234.6% |
||||
|
Los Angeles |
$305,310 |
-9.4% |
-35.0% |
-7.1% |
84.7% |
||||
|
Monterey Region |
$263,540 |
-9.1% |
-54.6% |
-23.0% |
132.7% |
||||
|
Monterey County |
$230,000 |
-9.8% |
-54.5% |
-21.6% |
213.5% |
||||
|
Santa Cruz County |
$450,000 |
-1.1% |
-25.7% |
-27.8% |
20.3% |
||||
|
Northern California |
$259,920 |
-4.5% |
-17.3% |
-19.8% |
10.0% |
||||
|
Northern Wine Country |
$331,150 |
-3.8% |
-32.4% |
-21.0% |
85.8% |
||||
|
Orange County |
$423,100 |
-4.4% |
-32.7% |
-25.9% |
79.1% |
||||
|
Palm Springs/Lower Desert |
$153,150 |
-9.8% |
-52.1% |
-11.8% |
51.0% |
||||
|
Riverside/San Bernardino |
$175,200 |
-8.2% |
-41.2% |
-20.6% |
149.4% |
||||
|
Sacramento |
$169,670 |
-6.6% |
-34.3% |
-20.3% |
108.7% |
||||
|
San Diego |
$325,260 |
-2.3% |
-32.6% |
17.4% |
139.4% |
||||
|
San Francisco Bay |
$402,750 |
-13.5% |
-41.7% |
-19.9% |
55.0% |
||||
|
San Luis Obispo |
$381,250 |
1.9% |
-28.2% |
-27.0% |
41.7% |
||||
|
Santa Barbara County |
$279,170 |
-15.0% |
-38.0% |
-26.7% |
36.1% |
||||
|
Santa Barbara South Coast |
$900,000 |
-3.2% |
-24.7% |
-35.8% |
0.0% |
||||
|
North Santa Barbara County |
$225,000 |
-12.3% |
-22.7% |
-21.9% |
64.8% |
||||
|
Santa Clara |
$450,000 |
-12.2% |
-40.0% |
-16.3% |
70.5% |
||||
|
Ventura |
$364,530 |
-1.7% |
-38.3% |
-24.4% |
80.0% |
||||
* Santa Barbara County and Monterey County median prices decreased significantly from January 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
|
|
Jan-09 |
Dec-08 |
|
Jan-08 |
|
|
|
|
|
|
|
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$254,350 |
$281,180 |
r |
$427,200 |
r |
|
Calif. (condo) |
$218,960 |
$236,040 |
$371,190 |
r |
|
|
|
|||||
|
C.A.R Region |
|
|
|
|
|
|
High Desert |
$127,750 |
$137,560 |
$234,310 |
||
|
Los Angeles |
$305,310 |
$336,980 |
$470,000 |
r |
|
|
Monterey Region |
$263,540 |
$290,070 |
$580,560 |
||
|
Monterey County |
$230,000 |
$255,000 |
$505,000 |
||
|
Santa Cruz County |
$450,000 |
$455,000 |
$606,000 |
||
|
Northern California |
$259,920 |
$272,200 |
r |
$314,180 |
r |
|
Northern Wine Country |
$331,150 |
$344,180 |
$490,180 |
||
|
Orange County |
$423,100 |
$442,640 |
$628,330 |
r |
|
|
Palm Springs/Lower Desert |
$153,150 |
$169,730 |
$319,440 |
||
|
Riverside/San Bernardino |
$175,200 |
$190,840 |
$298,010 |
||
|
Sacramento |
$169,670 |
$181,660 |
$258,230 |
||
|
San Diego |
$325,260 |
$333,030 |
$482,420 |
||
|
San Francisco Bay |
$402,750 |
$465,640 |
$691,390 |
||
|
San Luis Obispo |
$381,250 |
$374,320 |
$531,250 |
||
|
Santa Barbara County |
$279,170 |
$328,570 |
$450,000 |
r |
|
|
Santa Barbara South Coast |
$900,000 |
$930,000 |
r |
$1,195,000 |
r |
|
North Santa Barbara County |
$225,000 |
$256,450 |
$291,180 |
||
|
Santa Clara |
$450,000 |
$512,450 |
$750,000 |
||
|
Ventura |
$364,530 |
$370,750 |
$590,380 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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