For release:
Thursday, June 25, 2009
C.A.R. reports May home sales increased 35.2 percent, median home price
declined 30.4 percent
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to view unsold inventory by price point
Quick Facts:
· Existing, single-family home sales
increased 35.2 percent in May to a seasonally adjusted rate of
556,590 on an annualized basis.
· The statewide median price of an existing single-family home increased
4.2 percent in May to
$267,570, compared with April 2009.
· C.A.R.’s Unsold Inventory Index fell to 4.2 months in May, compared with
8.7 months in May 2008.
LOS ANGELES (June 25) – Home sales increased 35.2 percent in May in
California compared with the same period a year ago, while the median price
of an existing home declined 30.4 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“With affordability for first-time buyers at a record high, sales of
existing, single-family homes continued to remain above the 500,000 level
for the ninth consecutive month,” said C.A.R. President James Liptak.
“Buyers are beginning to realize that the combination of favorable home
prices, historically low mortgage rates, and first-time home buyer tax
credits, may not align again for many years.
“The sales gains over last year have diminished in recent months,” he
added. “This trend is expected to continue through the end of the year, as
limited inventory at the moderate and low end of the market constrains
sales activity,” he said.
Closed escrow sales of existing, single-family detached homes in California
totaled 556,590 in May 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 35.2
percent from the revised 411,770 sales pace recorded in May 2008. Sales in
May 2009 increased 2.9 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 May 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 May 2009 was $267,570, a 30.4 percent decrease from the revised
$384,540 median for May 2008, C.A.R. reported. The May 2009 median price
rose 4.2 percent compared with April’s $256,700 median price.
“The statewide median price rose for the third consecutive month in May,
posting the largest monthly increase on record for the month of May,
according to statistics dating back to 1979,” said C.A.R. Chief Economist
Leslie Appleton-Young. “Nearly all regions in the state reported positive
month-to-month changes in median price.
“Inventory levels are well below the long-run average of seven months,
which may account for the increase in median price,” added Appleton-Young.
“Although the state continues to operate in a bifurcated market, improved
access to lending and price adjustments have led to increased activity in
the high-end segment,” she added.
Highlights of C.A.R.’s resale housing figures for May 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in May 2009 was 4.2 months, compared with 8.7 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 4.86 percent during
May 2009, compared with 6.04 percent in May 2008, according to Freddie Mac.
Adjustable-mortgage interest rates averaged 4.75 percent in May 2009,
compared with 5.24 percent in May 2008.
. The median number of days it took to sell a single-family home was 53.5
days in May 2009, compared with 49.2 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, nine of the 353 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/may2009medianprices
. Statewide, the 10 cities with the highest median home prices in
California during May 2009 were: Los Altos, $1,484,000; Palo Alto,
$1,400,000; Cupertino, $965,000; Santa Barbara, $870,750; Danville,
$785,500; Los Gatos, $769,500; Newport Beach, $767,500; Santa Monica,
$740,000; Arcadia, $700,000; and Campbell, $691,000.
. Statewide, the cities with the greatest median home price increases in
May 2009 compared with the same period a year ago were: Poway, 29.7
percent; Auburn, 8.3 percent; Arcadia, 7.5 percent; Atascadero, 6.3
percent; Cypress, 5.0 percent; Palo Alto, 4.9 percent; Campbell, 4.7
percent; Walnut, 2.3 percent; and Torrance, 0.4 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.
May 2009 Regional Sales
and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
May-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 |
||
|
|
May-09 |
Apr-09 |
|
May-08 |
|
Apr-09 |
May-08 |
|
Statewide |
|
|
|||||
|
Calif. (sf) |
$267,570 |
4.2% |
-30.4% |
2.9% |
35.2% |
||
|
Calif. (condo) |
$236,660 |
5.0% |
-34.4% |
5.2% |
34.5% |
||
|
|
|
||||||
|
C.A.R. Region |
|
|
|||||
|
|
|
||||||
|
High Desert |
$106,210 |
-0.3% |
-47.1% |
4.5% |
96.2% |
||
|
Los Angeles |
$313,270 |
4.2% |
-26.2% |
1.0% |
24.6% |
||
|
Monterey Region |
$248,830 |
1.8% |
-44.1% |
3.0% |
62.8% |
||
|
Monterey County |
$203,500 |
-4.0% |
-43.2% |
1.1% |
94.4% |
||
|
Santa Cruz County |
$452,500 |
6.5% |
-26.7% |
8.4% |
13.6% |
||
|
Northern California |
$268,490 |
2.0% |
-12.9% |
6.8% |
-1.4% |
||
|
Northern Wine Country |
$349,270 |
9.1% |
-21.0% |
-0.2% |
15.5% |
||
|
Orange County |
$474,110 |
9.7% |
-17.4% |
12.6% |
17.9% |
||
|
Palm Springs/Lower Desert |
$152,860 |
1.8% |
-46.1% |
-2.5% |
38.2% |
||
|
Riverside/San Bernardino |
$160,880 |
2.6% |
-37.6% |
-3.0% |
43.1% |
||
|
Sacramento |
$180,940 |
8.1% |
-22.4% |
1.5% |
4.8% |
||
|
San Diego |
$358,380 |
5.3% |
-19.8% |
-9.5% |
89.1% |
||
|
San Francisco Bay |
$459,980 |
4.3% |
-33.0% |
7.8% |
5.1% |
||
|
San Luis Obispo |
$360,000 |
6.5% |
-18.6% |
16.6% |
4.4% |
||
|
Santa Barbara County |
$296,430 |
-22.5% |
-27.2% |
0.6% |
-9.9% |
||
|
Santa Barbara South Coast |
$875,000 |
4.2% |
-27.5% |
-20.6% |
-25.0% |
||
|
North Santa Barbara County |
$236,110 |
-3.4% |
-20.7% |
14.8% |
1.0% |
||
|
Santa Clara |
$490,000 |
5.4% |
-36.3% |
5.3% |
12.7% |
||
|
Ventura |
$415,580 |
5.3% |
-14.8% |
11.9% |
35.0% |
||
* Santa Barbara County and Monterey County median prices decreased significantly from May 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
|
|
May-09 |
Apr-09 |
|
May-08 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$267,570 |
$256,700 |
$384,540 |
r |
|
|
Calif. (condo) |
$236,660 |
$225,320 |
$360,850 |
r |
|
|
|
|||||
|
C.A.R. Region |
|
|
|
|
|
|
|
|||||
|
High Desert |
$106,210 |
$106,530 |
$200,740 |
||
|
Los Angeles |
$313,270 |
$300,690 |
$424,310 |
r |
|
|
Monterey Region |
$248,830 |
$244,520 |
$444,740 |
||
|
Monterey County |
$203,500 |
$212,000 |
$358,000 |
||
|
Santa Cruz County |
$452,500 |
$425,000 |
$617,500 |
||
|
Northern California |
$268,490 |
$263,350 |
$308,330 |
r |
|
|
Northern Wine Country |
$349,270 |
$320,000 |
$442,270 |
||
|
Orange County |
$474,110 |
$432,110 |
$573,920 |
r |
|
|
Palm Springs/Lower Desert |
$152,860 |
$150,140 |
$283,480 |
||
|
Riverside/San Bernardino |
$160,880 |
$156,840 |
$257,660 |
||
|
Sacramento |
$180,940 |
$167,340 |
$233,230 |
||
|
San Diego |
$358,380 |
$340,190 |
$446,610 |
||
|
San Francisco Bay |
$459,980 |
$441,000 |
$686,810 |
||
|
San Luis Obispo |
$360,000 |
$338,160 |
$442,310 |
||
|
Santa Barbara County |
$296,430 |
$382,350 |
$407,140 |
r |
|
|
Santa Barbara South Coast |
$875,000 |
$840,000 |
$1,207,000 |
r |
|
|
North Santa Barbara County |
$236,110 |
$244,440 |
$297,820 |
||
|
Santa Clara |
$490,000 |
$465,000 |
$769,650 |
||
|
Ventura |
$415,580 |
$394,540 |
$487,790 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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