SantaCruzHomePrices.com
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SantaCruzHomePrices.com |
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C.A.R. REPORTS MEDIAN HOME PRICE INCREASED 23.1 PERCENT IN NOVEMBER
The median price of an existing, single-family detached home in California during November 2004 was $473,260, a 23.1 percent increase over the revised $384,470 median for November 2003, C.A.R. reported today. The November 2004 median price increased 2.9 percent compared with a revised $459,800 median price in October. "Sales hit an all-time high in November as consumers snapped up single-family homes at a record pace," said C.A.R. President Jim Hamilton. "The median price of a home in California continued its upward march, increasing by double-digits for the 36th month in a row to $473,260."
Closed escrow sales of existing, single-family detached homes in California totaled 652,340 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 4 percent from the 627,190 sales pace recorded in November 2003. The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
"While the inventory of homes for sale has increased to more than a three-months' supply, consumer demand and the low mortgage interest rate environment are still driving the market," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Time on the market has trended up to 40 days, an indication that buyers are taking more time prior to making the purchase decision compared with the frenzied pace we witnessed most of this year."
From December 23, 2004 C.A.R. Newsline
Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®
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