For release:
Tuesday, Aug. 25, 2009
C.A.R. reports July home sales increased 12 percent, median home price
declined 19.6 percent
Multimedia:
· Click here
to view Unsold Inventory by price point
· Click here
to view a data table comparing peak prices and current prices in areas
throughout the state
Quick Facts:
· Existing, single-family home sales increased 12 percent in July to a
seasonally adjusted rate of 553,910 on an annualized basis.
· The statewide median price of an existing single-family home increased
3.9 percent in July to
$285,480, compared with June 2009.
· C.A.R.’s Unsold Inventory Index fell to 3.9 months in July, compared with
6.9 months in July 2008.
LOS ANGELES (Aug. 25) – Home sales increased 12 percent in July in
California compared with the same period a year ago, while the median price
of an existing home declined 19.6 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“The federal tax credit for first-time buyers played a critical role in the
purchase decision of many buyers,” said C.A.R. President James Liptak.
“Nearly 40 percent of first-time buyers said they would not have purchased
a home if the tax credit was not offered.
“Because the tax credit has helped so many first-time buyers become
homeowners, it is critical that Congress extends the credit beyond the Dec.
1 deadline, and includes all buyers, not just first-timers.”
Closed escrow sales of existing, single-family detached homes in California
totaled 553,910 in July 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 12 percent
from the revised 494,390 sales pace recorded in July 2008. Sales in July
2009 increased 8.1 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 July 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 July 2009 was $285,480, a 19.6 percent decrease from the revised
$355,000 median for July 2008, C.A.R. reported. The July 2009 median price
rose 3.9 percent compared with June’s $274,740 median price.
“July marked the fifth consecutive month of month-to-month increases in the
median price,” said C.A.R. Vice President and Chief Economist Leslie
Appleton-Young. “This was the largest increase on record for the month of
July based on statistics dating back to 1979. The yearly decline in July
also was the smallest in the past 19 months.
“Favorable home prices in the low end of the market continue to propel
sales of homes priced less than $500,000,” said Appleton-Young. “This price
segment now accounts for 74 percent of the market share compared with just
43 percent prior to the start of the credit crunch. The high-end segment
continues to experience elevated inventories and declines in the median
price as financing for jumbo loans and unrealistic sellers challenge the
market.”
Highlights of C.A.R.’s resale housing figures for July 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in July 2009 was 3.9 months, compared with 6.9 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 5.22 percent during
July 2009, compared with 6.43 percent in July 2008, according to Freddie
Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009,
compared with 5.24 percent in July 2008.
. The median number of days it took to sell a single-family home was 39.9
days in July 2009, compared with 47.8 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, 23 of the 398 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 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/2009medianprices/jul09medianprices
. Statewide, the 10 cities with the highest median home prices in
California during July 2009 were: Los Altos, $1,425,500; Palo Alto,
$1,363,000; Saratoga, $1,350,000; Newport Beach, $1,300,000; Manhattan
Beach, $1,257,500; Burlingame, $1,250,000; Palos Verdes Estates,
$1,132,000; Los Gatos, $1,085,000; Cupertino, $952,000; and Rancho Palos
Verdes $945,000.
. Statewide, the cities with the greatest median home price increases in
July 2009 compared with the same period a year ago were: Laguna Hills, 40.5
percent; Newport Beach, 13.5 percent; Moorpark, 11.2 percent; Poway, 10.8
percent; San Marcos, 8.6 percent; Emeryville, 7.6 percent; Santa Barbara,
6.3 percent; Arcadia, 5.8 percent; Big Bear Lake, 5.5 percent; and West
Hollywood, 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 more than 163,000
members dedicated to the advancement of professionalism in real estate.
C.A.R. is headquartered in Los Angeles.
July 2009 Regional Sales
and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
July-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 |
||
|
|
Jul-09 |
Jun-09 |
|
Jul-08 |
|
Jun-09 |
Jul-08 |
|
Statewide |
|
|
|||||
|
Calif. (sf) |
$285,480 |
3.9% |
-19.6% |
8.1% |
12.0% |
||
|
Calif. (condo) |
$259,770 |
-1.3% |
-23.4% |
4.7% |
15.0% |
||
|
|
|
||||||
|
C.A.R. Region |
|
|
|||||
|
|
|
||||||
|
High Desert |
$110,650 |
1.9% |
-37.6% |
-4.1% |
55.3% |
||
|
Los Angeles |
$339,430 |
6.1% |
-14.1% |
3.2% |
16.9% |
||
|
Monterey Region |
$283,650 |
8.7% |
-27.2% |
-7.1% |
37.9% |
||
|
Monterey County |
$230,000 |
12.2% |
-29.0% |
-10.3% |
48.7% |
||
|
Santa Cruz County |
$535,000 |
3.1% |
-12.4% |
0.5% |
19.9% |
||
|
Northern California |
$270,730 |
3.5% |
-12.1% |
-0.3% |
5.9% |
||
|
Northern Wine Country |
$360,390 |
4.9% |
-10.6% |
4.3% |
9.0% |
||
|
Orange County |
$500,210 |
2.4% |
-6.9% |
4.1% |
7.0% |
||
|
Palm Springs/Lower Desert |
$163,080 |
2.6% |
-31.9% |
1.0% |
34.5% |
||
|
Riverside/San Bernardino |
$165,460 |
-0.8% |
-30.5% |
-2.4% |
11.1% |
||
|
Sacramento |
$183,840 |
0.8% |
-16.1% |
6.0% |
-6.7% |
||
|
San Diego |
$372,640 |
2.8% |
-8.8% |
3.2% |
3.0% |
||
|
San Francisco Bay |
$545,810 |
6.1% |
-17.7% |
1.9% |
20.3% |
||
|
San Luis Obispo |
$394,440 |
5.9% |
-15.0% |
-6.6% |
8.7% |
||
|
Santa Barbara County |
$376,090 |
-1.1% |
-22.7% |
-3.9% |
27.5% |
||
|
Santa Barbara South Coast |
$885,000 |
11.0% |
-6.3% |
-3.6% |
22.7% |
||
|
North Santa Barbara County |
$243,480 |
-7.2% |
-17.0% |
-8.1% |
31.0% |
||
|
Santa Clara |
$587,000 |
6.7% |
-16.9% |
3.3% |
36.0% |
||
|
Ventura |
$456,440 |
2.8% |
-3.9% |
17.4% |
7.2% |
||
* Santa Barbara County and
Monterey County median prices decreased significantly from July 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
|
|
Jul-09 |
Jun-09 |
|
Jul-08 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$285,480 |
$274,740 |
$355,000 |
r |
|
|
Calif. (condo) |
$259,770 |
$263,250 |
$338,960 |
r |
|
|
|
|||||
|
C.A.R. Region |
|
|
|
|
|
|
|
|||||
|
High Desert |
$110,650 |
$108,600 |
$177,330 |
||
|
Los Angeles |
$339,430 |
$319,860 |
$395,240 |
||
|
Monterey Region |
$283,650 |
$260,910 |
$389,440 |
||
|
Monterey County |
$230,000 |
$205,000 |
$324,000 |
||
|
Santa Cruz County |
$535,000 |
$519,000 |
$611,000 |
||
|
Northern California |
$270,730 |
$261,650 |
$308,090 |
r |
|
|
Northern Wine Country |
$360,390 |
$343,590 |
$403,300 |
||
|
Orange County |
$500,210 |
$488,320 |
$537,570 |
||
|
Palm Springs/Lower Desert |
$163,080 |
$158,960 |
$239,360 |
||
|
Riverside/San Bernardino |
$165,460 |
$166,840 |
$238,220 |
r |
|
|
Sacramento |
$183,840 |
$182,400 |
$219,150 |
||
|
San Diego |
$372,640 |
$362,650 |
$408,730 |
r |
|
|
San Francisco Bay |
$545,810 |
$514,650 |
$663,190 |
||
|
San Luis Obispo |
$394,440 |
$372,620 |
$464,280 |
||
|
Santa Barbara County |
$376,090 |
$380,300 |
$486,360 |
r |
|
|
Santa Barbara South Coast |
$885,000 |
$797,000 |
r |
$944,500 |
r |
|
North Santa Barbara County |
$243,480 |
$262,500 |
$293,180 |
||
|
Santa Clara |
$587,000 |
$550,000 |
$706,500 |
||
|
Ventura |
$456,440 |
$443,850 |
$475,000 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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