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For release:
Tuesday, Feb. 23, 2010
C.A.R. reports January median price increased 15 percent; home sales
decreased 10.6 percent
Multimedia:
· Click here
to view Unsold Inventory by price point.
· Click here
to view a data table comparing current prices to trough prices in areas
throughout the
state.
Quick Facts:
· Existing, single-family home sales
decreased 3 percent in January to a seasonally adjusted rate of
539,040 units on an annualized basis compared with December
2009.
· The statewide median price of an existing single-family home decreased
6.3 percent in January to
$287,440, compared with December 2009.
· C.A.R.’s Unsold Inventory Index fell to 5.8 months in January, compared
with 7.3 months in January
2009.
LOS ANGELES (Feb. 23) – Home sales decreased 10.6 percent in January in
California compared with the same period a year ago, while the median price
of an existing home rose 15 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“Many sales that closed escrow in January were on homes with offers
accepted during the holiday season--a time when many house hunters are
first-time buyers,” said C.A.R. President Steve Goddard. “First-time buyers
typically purchase homes priced below an area’s median home price.
Reflecting this, the percentage of homes priced under $500,000 increased to
77 percent of all sales in January, compared with 75 percent in
December.
“Despite the year-to-year decline, sales remained above the 500,000 unit
threshold for the 17th consecutive month, holding steady at pre-peak levels
from early in the last decade,” said Goddard.
Closed escrow sales of existing, single-family detached homes in California
totaled 539,040 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 decreased
10.6 percent from the revised 602,660 sales pace recorded in January 2009.
Sales in January 2010 decreased 3 percent compared with the previous
month.
The statewide sales figure represents what the total number of homes sold
during 2010 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 2010 was $287,440, a 15 percent increase from the revised
$249,960 median for January 2009, C.A.R. reported. The January 2010 median
price decreased 6.3 percent compared with December’s $306,820 median
price.
“The story for the median price in January was mixed. In year-over-year
terms, California’s median home price saw the greatest percentage increase
since December 2005,” said Leslie Appleton-Young, C.A.R. vice president and
chief economist. “However, the median fell by 6.3 percent from the December
2009 median price. Although the monthly decline was large, it was less than
the declines for the same time period in both 2008 and 2009 when the median
price fell by more than 11 percent.
“The median price still is 17.2 percent ahead of the trough in this cycle,”
added Appleton-Young. “However, the expiration of the federal tax credit
for home buyers and the impact of the Federal Reserve’s withdrawal from the
mortgage market continue to be the wild cards as we move through the
year.”
Highlights of C.A.R.’s resale housing figures for January 2010:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in January 2010 was 5.8 months, compared with 7.3 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 5.03 percent during
January 2010, compared with 5.05 percent in January 2009, according to
Freddie Mac. Adjustable-mortgage interest rates averaged 4.33 percent in
January 2010, compared with 4.92 percent in January 2009.
. The median number of days it took to sell a single-family home was 33.8
days in January 2010, compared with 50 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, 160 of the 366 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 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/marketdata/historicalprices/2010medianprices/jan2010medianprices/.
. Statewide, the 10 cities with the highest median home prices in
California during January 2010 were: Newport Beach, $1,158,000; Santa
Monica, $838,000; Santa Barbara, $810,000; Danville, $800,000; Arcadia,
$799,000; Mountain View, $755,000; Yorba Linda, $703,750; Redwood City,
$680,000; San Ramon, $660,000l; and Redondo Beach, $649,500.
. Statewide, the cities with the greatest median home price increases in
January 2010 compared with the same period a year ago were: Redwood City,
43.2 percent; Rancho Santa Margarita, 38.1 percent; Laguna Niguel, 35
percent; Pittsburg, 29.7 percent; Fullerton, 25.9 percent; Yorba Linda,
24.2 percent; Oxnard, 23.6 percent; Galt, 19.9 percent; Auburn, 19.9
percent; Chino Hills, 19.1 percent; and Petaluma, 17.9 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 nearly175,000 members
dedicated to the advancement of professionalism in real estate. C.A.R. is
headquartered in Los Angeles.
January 2010 Regional
Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
January-10 |
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-10 |
Dec-09 |
|
Jan-09 |
|
Dec-09 |
Jan-09 |
|
Statewide |
|
|
|||||
|
Calif. (sf) |
$287,440 |
-6.3% |
15.0% |
-3.0% |
-10.6% |
||
|
Calif. (condo) |
$254,450 |
-5.9% |
12.4% |
-28.4% |
19.2% |
||
|
|
|
||||||
|
C.A.R. Region |
|
|
|||||
|
|
|
||||||
|
High Desert |
$124,480 |
2.9% |
-2.6% |
-28.1% |
-29.5% |
||
|
Los Angeles |
$332,270 |
-6.0% |
9.0% |
-15.8% |
-4.6% |
||
|
Monterey Region |
$290,620 |
-5.8% |
10.3% |
-32.3% |
-13.3% |
||
|
Monterey County |
$246,500 |
-1.4% |
7.2% |
-31.0% |
-20.9% |
||
|
Santa Cruz County |
$495,000 |
-10.0% |
10.0% |
-35.4% |
14.5% |
||
|
Northern Wine Country |
$351,360 |
-5.4% |
6.1% |
-27.7% |
-13.2% |
||
|
Orange County |
$480,790 |
-3.1% |
13.6% |
-28.9% |
13.1% |
||
|
Palm Springs/Lower Desert |
$179,760 |
4.3% |
17.4% |
-25.2% |
10.5% |
||
|
Riverside/San Bernardino |
$173,790 |
-4.1% |
-1.4% |
-25.9% |
-26.2% |
||
|
Sacramento |
$174,830 |
-7.6% |
3.0% |
-29.5% |
-24.9% |
||
|
San Diego |
$366,780 |
-4.0% |
10.4% |
-38.5% |
-15.2% |
||
|
San Francisco Bay |
$486,190 |
-9.3% |
20.7% |
-35.4% |
3.8% |
||
|
San Luis Obispo |
$367,650 |
-3.7% |
-3.6% |
-25.4% |
10.9% |
||
|
Santa Barbara County |
$450,000 |
5.9% |
60.0% |
-42.9% |
-12.8% |
||
|
Santa Barbara South Coast |
$760,000 |
-10.1% |
-16.1% |
-38.5% |
34.1% |
||
|
North Santa Barbara County |
$231,670 |
-9.8% |
3.0% |
-48.6% |
-36.0% |
||
|
Santa Clara |
$525,000 |
-6.3% |
16.7% |
-38.9% |
1.5% |
||
|
Ventura |
$420,690 |
-1.7% |
15.4% |
-32.9% |
-4.0% |
||
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-10 |
Dec-09 |
|
Jan-09 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$287,440 |
$306,820 |
$249,960 |
r |
|
|
Calif. (condo) |
$254,450 |
$270,300 |
$226,360 |
r |
|
|
|
|||||
|
Region |
|
|
|
|
|
|
|
|||||
|
High Desert |
$124,480 |
$121,010 |
$127,750 |
||
|
Los Angeles |
$332,270 |
$353,560 |
$304,750 |
||
|
Monterey Region |
$290,620 |
$308,570 |
$263,540 |
||
|
Monterey County |
$246,500 |
$250,000 |
$230,000 |
||
|
Santa Cruz County |
$495,000 |
$550,000 |
$450,000 |
||
|
Northern Wine Country |
$351,360 |
$371,430 |
$331,150 |
||
|
Orange County |
$480,790 |
$496,070 |
$423,100 |
||
|
Palm Springs/Lower Desert |
$179,760 |
$172,320 |
$153,150 |
||
|
Riverside/San Bernardino |
$173,790 |
$181,130 |
$176,180 |
||
|
Sacramento |
$174,830 |
$189,140 |
$169,670 |
||
|
San Diego |
$366,780 |
$382,230 |
$332,200 |
r |
|
|
San Francisco Bay |
$486,190 |
$536,070 |
$402,750 |
||
|
San Luis Obispo |
$367,650 |
$381,940 |
$381,250 |
||
|
Santa Barbara County |
$450,000 |
$425,000 |
$281,250 |
r |
|
|
Santa Barbara South Coast |
$760,000 |
$845,000 |
$906,000 |
r |
|
|
North Santa Barbara County |
$231,670 |
$256,940 |
$225,000 |
||
|
Santa Clara |
$525,000 |
$560,000 |
$450,000 |
||
|
Ventura |
$420,690 |
$427,890 |
$364,530 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
