For release:
Monday, Oct. 26, 2009
C.A.R. reports September home sales increased 2.1 percent; median home
price declined 7.3 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 2.1 percent in September to
a seasonally adjusted rate
of 530,520 units on an annualized basis.
· The statewide median price of an existing single-family home increased
1.1 percent in September to
$296,090, compared with August 2009.
· C.A.R.’s Unsold Inventory Index fell to 4.2 months in September, compared
with 6.5 months in
September 2008.
LOS ANGELES (Oct. 26) – Home sales increased 2.1 percent in September in
California compared with the same period a year ago, while the median price
of an existing home declined 7.3 percent, the CALIFORNIA ASSOCIATION OF
REALTORS® (C.A.R.) reported today.
“The market’s momentum continued in September, as many home buyers took
advantage of the federal tax credit for first-time home buyers,” said
C.A.R. President James Liptak. “The success of the federal tax credit is
clear. Nearly 70 percent of first-time home buyers report that the tax
credit was ‘the most important’ or a ‘very important’ factor in their
decision to buy a home.
“C.A.R. is calling for the U.S. Senate to swiftly adopt the
Dodd-Lieberman-Isakson amendment, which would extend the federal tax credit
through June 30, 2010, remove the first-time buyer requirement and extend
the credit to all home buyers, and increase the qualifying income limits so
more families are eligible for the credit.”
Closed escrow sales of existing, single-family detached homes in California
totaled 530,520 in September 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
2.1 percent from the revised 519,530 sales pace recorded in September 2008.
Sales in September 2009 increased 0.6 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 September 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 September 2009 was $296,090, a 7.3 percent decrease from the revised
$319,310 median for September 2008, C.A.R. reported. The September 2009
median price rose 1.1 percent compared with August’s $292,960 median
price.
“A new milestone was reached in September, when five C.A.R. regions
reported positive year-to-year increases in the median price, the first
such increase since January 2008,” said C.A.R. Vice President and Chief
Economist Leslie-Appleton-Young. “September also marked the seventh
consecutive month of month-to-month increases in the statewide median price
and the first single-digit decline in the year-to-year median price since
October 2007, after 22 consecutive months of double-digit decreases.
“Efforts by the government to stimulate housing and the economy clearly are
impacting the market. Sales have exceeded 500,000 homes for 13 consecutive
months, and now are 33.1 percent higher on a year-to-date basis compared
with 2008,” added Appleton-Young.
Highlights of C.A.R.’s resale housing figures for September 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached
homes in September 2009 was 4.2 months, compared with 6.5 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 5.06 percent during
September 2009, compared with 6.04 percent in September 2008, according to
Freddie Mac. Adjustable-mortgage interest rates averaged 4.59 percent in
September 2009, compared with 5.14 percent in September 2008.
. The median number of days it took to sell a single-family home was 33.6
days in September 2009, compared with 46.2 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, 65 of the 406 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 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/2009medianprices/sep09medianprices
. Statewide, the 10 cities with the highest median home prices in
California during September 2009 were: Manhattan Beach, $1,502,000;
Burlingame, $1,401,100; Saratoga, $1,297,500; Los Altos $1,275,000; Palos
Verdes Estates, $1,163,500; Calabasas, $1,073,500; Newport Beach,
$1,050,000; Los Gatos, $1,050,000; Santa Monica, $1,025,000; Cupertino,
$950,000; and Rancho Palos Verdes, $912,500.
. Statewide, the cities with the greatest median home price increases in
September 2009 compared with the same period a year ago were: San Juan
Capistrano, 40.2 percent; San Rafael, 30.5 percent; Moorpark, 29.8 percent;
Thousand Oaks, 20.7 percent; Calabasas, 19.3 percent; Lake Forest, 17.7
percent; Walnut, 13.6 percent; El Cajon, 13.5 percent; Tustin, 13.1
percent; and Big Bear Lake, 12.1 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 more than 163,000
members dedicated to the advancement of professionalism in real estate.
C.A.R. is headquartered in Los Angeles.
September 2009 Regional
Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
Sept. 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 |
||
|
|
Sep-09 |
Aug-09 |
|
Sep-08 |
|
Aug-09 |
Sep-08 |
|
Statewide |
|
|
|||||
|
Calif. (sf) |
$296,090 |
1.1% |
-7.3% |
0.6% |
2.1% |
||
|
Calif. (condo) |
$270,170 |
3.8% |
-6.5% |
2.2% |
10.8% |
||
|
|
|
||||||
|
Region |
|
|
|||||
|
|
|
||||||
|
High Desert |
$117,820 |
5.4% |
-26.2% |
-6.1% |
11.2% |
||
|
Los Angeles |
$351,680 |
3.4% |
-6.2% |
2.0% |
6.4% |
||
|
Monterey Region |
$307,140 |
2.7% |
-11.7% |
-9.5% |
0.8% |
||
|
Monterey County |
$230,000 |
-2.1% |
-17.9% |
-10.9% |
-0.9% |
||
|
Santa Cruz County |
$534,000 |
6.8% |
12.4% |
-6.2% |
4.8% |
||
|
Northern California |
$257,260 |
0.6% |
-11.8% |
6.3% |
2.0% |
||
|
Northern Wine Country |
$342,620 |
-1.5% |
-7.2% |
4.9% |
-2.4% |
||
|
Orange County |
$496,790 |
-0.5% |
0.2% |
0.7% |
9.4% |
||
|
Palm Springs/Lower Desert |
$159,810 |
-5.5% |
-20.0% |
-2.1% |
1.2% |
||
|
Riverside/San Bernardino |
$172,420 |
3.5% |
-20.9% |
-4.4% |
-11.7% |
||
|
Sacramento |
$184,200 |
-4.1% |
-6.0% |
-3.1% |
-19.3% |
||
|
San Diego |
$386,050 |
2.8% |
1.9% |
6.2% |
-1.4% |
||
|
San Francisco Bay |
$536,080 |
0.8% |
-3.4% |
3.1% |
14.4% |
||
|
San Luis Obispo |
$389,530 |
1.8% |
3.9% |
-2.2% |
8.6% |
||
|
Santa Barbara County |
$423,330 |
12.6% |
17.2% |
9.7% |
-3.2% |
||
|
Santa Barbara South Coast |
$750,000 |
-9.5% |
-21.1% |
23.5% |
13.5% |
||
|
North Santa Barbara County |
$246,870 |
1.2% |
-3.4% |
0.0% |
-14.2% |
||
|
Santa Clara |
$553,000 |
-0.4% |
-7.8% |
9.8% |
18.1% |
||
|
Ventura |
$441,670 |
-5.3% |
2.3% |
-8.1% |
3.2% |
||
sf =
single‑family, detached home
Source: CALIFORNIA ASSOCIATION OF REALTORS®
Median Prices By Region – Current Month vs. Year Ago
|
|
Sep-09 |
Aug-09 |
|
Sep-08 |
|
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$296,090 |
$292,960 |
$319,310 |
r |
|
|
Calif. (condo) |
$270,170 |
$260,370 |
$288,930 |
r |
|
|
|
|||||
|
Region |
|
|
|
|
|
|
|
|||||
|
High Desert |
$117,820 |
$111,770 |
$159,720 |
||
|
Los Angeles |
$351,680 |
$339,980 |
$374,920 |
r |
|
|
Monterey Region |
$307,140 |
$298,940 |
$347,920 |
||
|
Monterey County |
$230,000 |
$235,000 |
$280,000 |
||
|
Santa Cruz County |
$534,000 |
$500,000 |
$475,000 |
||
|
Northern California |
$257,260 |
$255,600 |
$291,670 |
r |
|
|
Northern Wine Country |
$342,620 |
$347,920 |
$369,180 |
||
|
Orange County |
$496,790 |
$499,440 |
$496,010 |
||
|
Palm Springs/Lower Desert |
$159,810 |
$169,080 |
$199,810 |
||
|
Riverside/San Bernardino |
$172,420 |
$166,600 |
$218,000 |
r |
|
|
Sacramento |
$184,200 |
$192,050 |
$195,900 |
||
|
San Diego |
$386,050 |
$375,710 |
$378,760 |
r |
|
|
San Francisco Bay |
$536,080 |
$531,580 |
$554,730 |
||
|
San Luis Obispo |
$389,530 |
$382,560 |
$375,000 |
||
|
Santa Barbara County |
$423,330 |
$376,090 |
$361,110 |
r |
|
|
Santa Barbara South Coast |
$750,000 |
$828,750 |
$950,000 |
r |
|
|
North Santa Barbara County |
$246,870 |
$244,050 |
$255,440 |
||
|
Santa Clara |
$553,000 |
$555,000 |
$600,000 |
||
|
Ventura |
$441,670 |
$466,200 |
$431,770 |
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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