For release:
Tuesday, Dec. 23, 2008
C.A.R. reports sales increased 83.2 percent; median home price fell 41.8
percent in November
LOS ANGELES (Dec. 23) – Home sales increased 83.2 percent in November in
California compared with the same period a year ago, while the median price
of an existing home fell 41.8 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“Statewide sales registered a monthly decline for the first time since the
first quarter of this year, reacting in part to the worsening situation in
the economy, the financial sector, and in terms of consumer and business
confidence,” said C.A.R. President James Liptak. “Despite the
month-over-month decline, sales were above the 500,000 home level for the
third consecutive month. Sales are now 102 percent above the monthly trough
for this cycle, which occurred a year ago in September and October, and are
22.3 percent above sales in 2007 in year-to-date terms.”
Closed escrow sales of existing, single-family detached homes in California
totaled 514,710 in November 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
83.2 percent from the revised 280,920 sales pace recorded in November 2007.
Sales in November 2008 decreased 6.9 percent compared with the previous
month.
The statewide sales figure represents what the total number of homes sold
during 2008 would be if sales maintained the November 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 November 2008 was $285,680, a 41.8 percent decrease from the revised
$490,511 median for November 2007, C.A.R. reported. The November 2008
median price fell 5.3 percent compared with October’s revised $301,740
median price.
“The statewide median dropped below $300,000 for the first time since early
2002,” said C.A.R. Vice President and Chief Economist Leslie
Appleton-Young. “Median prices declined across all regions of the state in
year-year terms, with the largest declines occurring in areas with higher
concentrations of distressed sales.”
Highlights of C.A.R.’s resale housing figures for November 2008:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in November 2008 was 6.9 months, compared with 14.3 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 6.09 percent during
November 2008, compared with 6.21 percent in November 2007, according to
Freddie Mac. Adjustable-mortgage interest rates averaged 5.26 percent in
November 2008, compared with 5.48 percent in November 2007.
. The median number of days it took to sell a single-family home was 44.3
days in November 2008, compared with 61.6 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, 0.9 percent, or 3 out of 348 cities and
communities, 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 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 September 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/2008medianprices/nov2008medianprices/.
. Statewide, the 10 cities with the highest median home prices in
California during November 2008 were: Santa Barbara, $875,000; San Ramon,
790,000; Danville, $789,000; Arcadia, $692,500; Berkeley, $690,000; San
Mateo, $670,000; Redondo Beach, $667,500; San Francisco, $648,000; Alameda,
$635,500; and Irvine, $635,000.
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.
November 2008 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 |
||||
|
|
Nov-08 |
Oct-08 |
|
Nov-07 |
|
Oct-08 |
Nov-07 |
|
|
Statewide |
|
|
||||||
|
Calif. (sf) |
$285,680 |
-5.3% |
-41.8% |
-6.9% |
83.2% |
|||
|
Calif. (condo) |
$240,690 |
-10.1% |
-41.4% |
-24.3% |
31.7% |
|||
|
|
|
|||||||
|
C.A.R. Region |
|
|
||||||
|
Central Valley |
NA |
NA |
NA |
NA |
NA |
|||
|
High Desert |
$148,580 |
-3.9% |
-43.4% |
-19.4% |
189.8% |
|||
|
Los Angeles |
$359,240 |
-2.0% |
-31.3% |
-15.3% |
61.2% |
|||
|
Monterey Region |
$314,370 |
-6.6% |
-55.1% |
-26.0% |
95.3% |
|||
|
Monterey County |
$275,000 |
-3.5% |
-53.4% |
-24.5% |
172.8% |
|||
|
Santa Cruz County |
$437,000 |
-12.6% |
-39.9% |
-30.4% |
6.7% |
|||
|
Northern California |
$306,940 |
-1.0% |
-13.4% |
-25.8% |
-3.1% |
|||
|
Northern Wine Country |
$343,430 |
-7.2% |
-33.7% |
-30.1% |
37.4% |
|||
|
Orange County |
$453,060 |
-7.6% |
-32.9% |
-23.7% |
62.9% |
|||
|
Palm Springs/Lower Desert |
$183,590 |
-10.9% |
-42.3% |
-25.3% |
44.4% |
|||
|
Riverside/San Bernardino |
$202,740 |
-3.5% |
-41.2% |
-18.7% |
196.6% |
|||
|
Sacramento |
$184,760 |
-6.2% |
-38.3% |
-18.3% |
110.8% |
|||
|
San Diego |
$326,760 |
-3.2% |
-39.0% |
-15.2% |
85.4% |
|||
|
San Francisco Bay |
$473,510 |
-9.1% |
-40.4% |
-21.7% |
19.5% |
|||
|
San Luis Obispo |
$344,230 |
-13.2% |
-24.3% |
-35.9% |
22.5% |
|||
|
Santa Barbara County |
$300,000 |
-12.1% |
-56.7% |
-37.6% |
18.0% |
|||
|
Santa Barbara South Coast |
$1,200,000 |
39.5% |
11.1% |
-56.9% |
-43.6% |
|||
|
North Santa Barbara County |
$244,320 |
-1.3% |
-31.1% |
-25.6% |
93.3% |
|||
|
Santa Clara |
$515,000 |
-6.4% |
-39.4% |
-24.6% |
16.4% |
|||
|
Ventura |
$382,590 |
-10.5% |
-38.6% |
-8.7% |
111.0% |
|||
* Santa Barbara County and Monterey County median
prices decreased significantly from Nov 07 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). Reported month‑to‑month changes in sales activity in June
overstate actual changes because of the small size of individual regional
samples. 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
|
|
Nov-08 |
Oct-08 |
|
Nov-07 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$285,680 |
$301,740 |
r |
$490,510 |
r |
|
Calif. (condo) |
$240,690 |
$267,700 |
$410,960 |
r |
|
|
|
|||||
|
C.A.R. Region |
|
|
|
|
|
|
Central Valley |
NA |
NA |
NA |
||
|
High Desert |
$148,580 |
$154,660 |
$262,650 |
||
|
Los Angeles |
$359,240 |
$366,520 |
$523,140 |
r |
|
|
Monterey Region |
$314,370 |
$336,630 |
$699,600 |
r |
|
|
Monterey County |
$275,000 |
$285,000 |
$590,000 |
r |
|
|
Santa Cruz County |
$437,000 |
$500,000 |
$727,500 |
r |
|
|
Northern California |
$306,940 |
$310,120 |
$354,600 |
||
|
Northern Wine Country |
$343,430 |
$369,890 |
$518,060 |
||
|
Orange County |
$453,060 |
$490,360 |
$675,450 |
r |
|
|
Palm Springs/Lower Desert |
$183,590 |
$206,050 |
$318,180 |
||
|
Riverside/San Bernardino |
$202,740 |
$209,990 |
$344,930 |
r |
|
|
Sacramento |
$184,760 |
$196,920 |
$299,240 |
||
|
San Diego |
$326,760 |
$337,640 |
$535,780 |
||
|
San Francisco Bay |
$473,510 |
$520,920 |
$794,990 |
r |
|
|
San Luis Obispo |
$344,230 |
$396,430 |
$454,840 |
||
|
Santa Barbara County |
$300,000 |
$341,300 |
$692,310 |
r |
|
|
Santa Barbara South Coast |
$1,200,000 |
$860,000 |
$1,080,000 |
||
|
North Santa Barbara County |
$244,320 |
$247,580 |
$354,760 |
||
|
Santa Clara |
$515,000 |
$549,940 |
$850,500 |
r |
|
|
Ventura |
$382,590 |
$427,650 |
$623,510 |
na
- not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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