For release:
Monday, April 27, 2009
Quick Facts:
· Existing, single-family home sales increased 63.8 percent in March to a
seasonally adjusted rate of 522,980 on an annualized basis
· The statewide median price of an existing single-family home increased
2.2 percent in March to
$253,040 compared with February 2009
· C.A.R.’s Unsold Inventory Index fell to 5 months in March, compared with
12.2 months in March 2008
· The median number of days it took to sell a single-family home declined
to 48.3 days in March 2009, compared with 56.8 days in March 2008
C.A.R. reports March home sales increased 63.8 percent, median home price
declined 39 percent
LOS ANGELES (April 27) – Home sales increased 63.8 percent in March in
California compared with the same period a year ago, while the median price
of an existing home declined 39 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“The March sales figure of 522,980 homes indicates that the market
continues to be very active,” said C.A.R. President James Liptak. “All of
the regions in the state experienced increases in month-to-month raw sales,
with the smallest gain in the Sacramento region at 9.7 percent and the
largest gain in the Riverside/San Bernardino region at 32.2 percent.”
Closed escrow sales of existing, single-family detached homes in California
totaled 522,980 in March 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
63.8 percent from the revised 319,290 sales pace recorded in March 2008.
Sales in March 2009 decreased 16 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 March 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 March 2009 was $253,040, a 39 percent decrease from the revised
$414,520 median for March 2008, C.A.R. reported. The March 2009 median
price rose 2.2 percent compared with February’s $247,590 median
price.
“The statewide median price showed the first monthly increase since August
2007, and has remained in the $250,000 range over the past three months,”
said C.A.R.’s Chief Economist Leslie Appleton-Young. “A number of regions
around the state also have registered monthly gains for one or more months
since the beginning of this year. While these are welcome signs, it remains
to be seen whether home prices have stabilized.
“While we still face continued weakness in the general economy and expect
continued foreclosures, the increased incidence of multiple offers
indicates that first-time home buyers and investors are responding to
dramatically improved housing affordability. Low mortgage rates and house
prices, coupled with the federal first-time home buyer tax credit, is
having a definite impact on the California housing market,” Appleton-Young
added.
Highlights of C.A.R.’s resale housing figures for March 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in March 2009 was 5 months, compared with 12.2 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 percent during March
2009, compared with 5.97 percent in March 2008, according to Freddie Mac.
Adjustable-mortgage interest rates averaged 4.86 percent in March 2009,
compared with 5.12 percent in March 2008.
. The median number of days it took to sell a single-family home was 48.3
days in March 2009, compared with 56.8 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, three of the 345 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 March 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/mar2009medianprices/.
. Statewide, the 10 cities with the highest median home prices in
California during March 2009 were: Santa Monica, $755,000; Danville,
$738,500; Santa Barbara, $735,000; Mountain View, $700,000; Redondo Beach,
$630,000; San Ramon, $621,000; San Clemente, $620,000; San Francisco,
$617,000; Santa Cruz, $610,000; and Yorba Linda, $561,500.
. Statewide, the cities with the greatest median home price increases in
March 2009 compared with the same period a year ago were: Lemon Grove, 18.6
percent and Rancho Santa Margarita, 3.1 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 150,000 members
dedicated to the advancement of professionalism in real estate. C.A.R. is
headquartered in Los Angeles.
March 2009 Regional Sales
and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
March-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 |
|||
|
|
Mar-09 |
Feb-09 |
|
Mar-08 |
|
Feb-09 |
Mar-08 |
|
|
Statewide |
|
|
||||||
|
Calif. (sf) |
$253,040 |
2.2% |
-39.0% |
-16.0% |
63.8% |
|||
|
Calif. (condo) |
$218,010 |
-0.9% |
-39.6% |
29.7% |
51.9% |
|||
|
|
|
|||||||
|
Region |
|
|
||||||
|
|
|
|||||||
|
High Desert |
$114,670 |
-6.0% |
-45.6% |
21.3% |
172.7% |
|||
|
Los Angeles |
$295,100 |
-4.4% |
-31.9% |
22.6% |
65.6% |
|||
|
Monterey Region |
$243,920 |
1.2% |
-56.0% |
31.3% |
168.1% |
|||
|
Monterey County |
$217,000 |
3.3% |
-49.5% |
34.1% |
248.7% |
|||
|
Santa Cruz County |
$400,000 |
5.3% |
-38.0% |
22.0% |
46.1% |
|||
|
Northern California |
$255,520 |
-0.1% |
-20.8% |
27.5% |
8.7% |
|||
|
Northern Wine Country |
$332,990 |
7.1% |
-27.3% |
23.9% |
51.5% |
|||
|
Orange County |
$444,520 |
2.5% |
-24.9% |
27.5% |
47.4% |
|||
|
Palm Springs/Lower Desert |
$157,660 |
1.1% |
-49.4% |
17.9% |
71.6% |
|||
|
Riverside/San Bernardino |
$167,340 |
-4.0% |
-39.5% |
32.2% |
126.8% |
|||
|
Sacramento |
$169,300 |
0.4% |
-34.5% |
9.7% |
61.5% |
|||
|
San Diego |
$323,320 |
0.7% |
-27.8% |
22.6% |
134.1% |
|||
|
San Francisco Bay |
$403,780 |
1.2% |
-42.7% |
27.6% |
23.6% |
|||
|
San Luis Obispo |
$359,680 |
3.6% |
-23.0% |
18.4% |
12.6% |
|||
|
Santa Barbara County |
$291,250 |
-2.9% |
-50.8% |
15.8% |
3.0% |
|||
|
Santa Barbara South Coast |
$825,000 |
13.8% |
-28.6% |
-4.1% |
-32.9% |
|||
|
North Santa Barbara County |
$228,120 |
-0.1% |
-30.3% |
27.8% |
41.5% |
|||
|
Santa Clara |
$448,750 |
0.8% |
-44.6% |
22.7% |
23.6% |
|||
|
Ventura |
$364,920 |
1.5% |
-27.6% |
27.0% |
77.7% |
|||
* Santa Barbara County and Monterey County median prices decreased significantly from March 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
|
|
Mar-09 |
Feb-09 |
|
Mar-08 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$253,040 |
$247,590 |
r |
$414,520 |
r |
|
Calif. (condo) |
$218,010 |
$219,960 |
$361,120 |
r |
|
|
|
|||||
|
Region |
|
|
|
|
|
|
|
|||||
|
High Desert |
$114,670 |
$121,970 |
$210,660 |
||
|
Los Angeles |
$295,100 |
$308,540 |
$433,400 |
r |
|
|
Monterey Region |
$243,920 |
$241,130 |
$554,820 |
||
|
Monterey County |
$217,000 |
$210,000 |
$430,000 |
||
|
Santa Cruz County |
$400,000 |
$380,000 |
$645,620 |
||
|
Northern California |
$255,520 |
$255,810 |
$322,810 |
r |
|
|
Northern Wine Country |
$332,990 |
$310,950 |
$458,210 |
||
|
Orange County |
$444,520 |
$433,690 |
$592,100 |
r |
|
|
Palm Springs/Lower Desert |
$157,660 |
$156,000 |
$311,540 |
||
|
Riverside/San Bernardino |
$167,340 |
$174,400 |
$276,630 |
||
|
Sacramento |
$169,300 |
$168,700 |
$258,460 |
||
|
San Diego |
$323,320 |
$320,980 |
$447,500 |
||
|
San Francisco Bay |
$403,780 |
$399,040 |
$704,580 |
||
|
San Luis Obispo |
$359,680 |
$347,060 |
$467,310 |
||
|
Santa Barbara County |
$291,250 |
$300,000 |
$592,390 |
r |
|
|
Santa Barbara South Coast |
$825,000 |
$725,000 |
r |
$1,155,000 |
r |
|
North Santa Barbara County |
$228,120 |
$228,260 |
$327,080 |
||
|
Santa Clara |
$448,750 |
$445,000 |
$810,000 |
||
|
Ventura |
$364,920 |
$359,630 |
$504,210 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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