California median home price up in June

The median price of existing homes in California in June rose

21.3% and sales increased 1.4% compared the same period a year ago,

the California Association of Realtors and Real Estate Solutions, a

real estate information service, reported today.

“At $324,370, California’s median home price hit a new record in

June, rising more than 20 percent over the June 2001 level,” said

C.A.R. President Robert Bailey. “In fact, most regions of the state

recorded double-digit increases in median prices compared to the same

period a year ago.”

Closed escrow sales of existing, single-family detached homes in

California totaled $533,840 in June 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 dropped 1.4% from the $526,571 sales pace recorded in

June 2001. Resale activity posted a 13.9% decrease in June compared

to May.

“Although the sales pace decreased compared to the previous month,

we’re still seeing volume that exceeds our 2001 levels,” said C.A.R.

Vice President and Chief Economist Leslie Appleton-Young. “To date,

overall sales volume for existing, single-family homes in California

are up by nearly one-fifth for the year.”

The statewide sales figure represents what the total number of

homes sold during 2002 would be if sales maintained the June 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 June 2002 was $324,370 a 21.3% increase over the

$267,410 median for June 2001, C.A.R. reported. The June 2002 median

price increased 1.5% compared to May 2002.

Highlights of C.A.R.’s resale housing figures for June 2002:

C.A.R.’s Unsold Inventory Index for existing, single-family

detached homes in June 2002 was 2.4months, compared to 3.4 months for

the same period a year ago. The index indicates the of months needed

to deplete the supply of homes on the market at the current sales

rate.

Thirty-year fixed mortgage interest rates averaged 6.65% during

June 2002, down from 7.14% in June 2001, according to the Federal

Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged

4.65% in June 2002 compared to 5.80% in June 2001.

The median number of days it took to sell a single-family home was

24.3 days in June 2002, compared to 26.6 days for the same period a

year ago.

Regional sales data is not adjusted to account for seasonal

factors that can influence home sales. The MLS median price and sales

data for detached homes is generated from a survey of more than 90

associations of Realtors throughout the state. MLS median price and

sales data for condominiums is 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 Real Estate Solutions’ MetroScan(R) service, 287 of 328

California cities and communities showed an increase in their

respective median home prices from a year ago.

Using the MetroScan(R) database, median home prices are generated

from new and existing condominium and single-family closed escrow

sales. These localized MetroScana statistics based on county records

data rather than MLS information.

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 may be exaggerated due to compositional changes in

housing demand. The MetroScan(R) tables listing median home prices in

California cities and counties accessible through C.A.R. online at

www.car.org/index. php?id=MzEwMzU=.

Among the highlights of the May localized data collected by C.A.R.

and Real Estate Solutions were: San Juan Capistrano, 65.4%; Santa

Ana, 41.1%; Lake Forest, 40%; Lake Arrowhead, 36.7%; Huntington

Beach, 36.0%; Tustin, 33.6%; Yorba Linda, 33.3%; Napa, 31.5%; San

Bruno, 31.3%; Duarte, 31.0%.

The California Association of Realtors (https://www.car.org) is one

of the largest state trade organizations in the United States, with

more than 100,000 members dedicated to advancement of professionalism

in real estate. C.A.R. is headquartered in Los Angeles.