Home Sales Up 7.8 Percent, Median Price Rose 11.9 Percent in October, C.A.R. Reports
03:12 p.m Nov 29, 1999 Eastern
LOS ANGELES, Nov. 29 /PRNewswire/ -- Sales of existing homes in California in October posted a 7.8 percent increase and the median home price rose 11.9 percent compared to the same period a year ago, according to the California Association of REALTORS(R) and Transamerica Intellitech, a real estate information service.
"The housing market in California continues to outpace the nation," said C.A.R. President Richard F. Gaylord. "California homeowners are benefiting from the largest year-to-year median price appreciation in more than 10 years."
Closed escrow sales of existing, single-family detached homes in California totaled 674,940 in October at a seasonally-adjusted annualized rate, according to information collected by C.A.R. from more than 90 Multiple Listing Services (MLS) statewide. Statewide home resale activity was up 7.8 percent from the 626,380 sales pace recorded in October 1998. Resale activity posted a decrease of 4.9 percent in October 1999 compared to September 1999.
The statewide sales figure represents what the total number of homes sold during 1999 would be if sales maintained the October 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 October 1999 was $218,160, an 11.9 percent increase over the $194,960 median for October 1998, C.A.R. reported. The October 1999 median price decreased 1.0 percent compared to September 1999. C.A.R., in conjunction with Transamerica Intellitech's MetroScan(R) software and information product, reported more than 80 percent of California cities and communities showed an increase in their respective median home prices from a year ago.
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