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.
Highlights of C.A.R.'s resale housing figures for October 1999:
-- C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in October 1999 was 4.4 months, down from 5.3 months compared to
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 7.89 percent during
October 1999, up from 6.71 percent in October 1998, according to the
Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates
averaged 6.31 percent in October 1999, up from 5.38 percent in October
1998.
-- The median number of days it took to sell a single-family home was
35 days in October 1999, down from 44 days for the same period a year
ago.
Regional MLS sales and price information is contained in the charts that accompany this press
release. 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(R) throughout the state. MLS median price and sales data is
based on a survey of 64 associations. The median price for both detached homes and condominiums
represents closed escrow sales.
"Despite higher interest rates compared to a year ago, demand continues to be strong in all segments
of the housing market," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist.
In a separate report covering more localized statistics generated by C.A.R. and Transamerica
Intellitech's MetroScan(R) service, 271 of 331 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 MetroScan(R) statistics are
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 331 California cities within 24 counties is
accessible through the C.A.R. Web site: car.org.
Among the highlights of the October localized data collected by C.A.R. and Transamerica Intellitech:
-- Statewide, the 10 cities and communities with the highest median home
prices in California during October 1999 were: Atherton, $1,850,000;
Los Altos Hills, $1,690,000; Monte Sereno, $1,550,000; Hillsborough,
$1,122,500; Woodside, $1,000,000; Saratoga, $974,000; La Jolla,
$956,590; Los Altos, $838,500; Coronado, $775,000; Belvedere/Tiburon,
$750,000.
-- Statewide, the 10 cities and communities with the greatest median home
price increases in October 1999 compared to the same period a year ago
were: Twentynine Palms, La Jolla, Sausalito, Solana Beach, Atherton,
Laguna Hills, Riverside, Coronado, Monte Sereno, Lake Forest.
Sacramento-based Transamerica Intellitech is a leading provider of information and software
solutions for real estate industry professionals throughout the U.S. Its parent, Fortune 500 company
Transamerica Corporation, is one of the world's largest financial services companies. Transamerica
has provided specialized financial, life insurance and real estate products and services since 1928.
The California Association of REALTORS(R) (http://www.car.org) is one of the largest state trade
organizations in the United States, with more than 90,000 members dedicated to the advancement of
professionalism in real estate. C.A.R. is headquartered in Los Angeles.
C.A.R. releases may also be retrieved by calling the PR Newswire fax-on-demand service at:
1-800-758-5804, ext. 131489.
OCTOBER 1999 REGIONAL SALES AND PRICE ACTIVITY*
Regional and Condo Sales Data Not Seasonally Adjusted
Percent Percent Percent Percent
Change Change Change Change
in in in Sales in Sales
Price Price Activity Activity
Median from from from from
Price Sept. 99 Oct.98 Sept.99 Oct. 98
Calif. (sf) $218,160 -1.0 11.9 -4.9 7.8
Calif. (condo) $155,490 -4.7 2.0 -7.8 17.4
Region
Central Vly. $122,580 -2.7 6.6 -9.0 11.6
High Desert** $ 81,720 -1.8 -14.5 1.2 85.8
Los Angeles $195,060 -2.9 2.5 -22.0 0.8
Monterey $350,450 -1.4 25.3 -0.4 8.0
Nor. Calif. $167,500 -0.1 8.6 -10.0 8.0
Nor. Wine Co. $248,320 -2.3 16.2 -12.2 -10.0
Orange Co. $284,130 -0.8 7.1 -8.3 -7.0
Palm Springs/
Lower Desert $139,730 13.1 7.9 -11.5 23.4
Riverside/S.B. $130,950 -2.6 5.6 -10.6 -21.9
Sacramento $131,760 -3.1 3.5 -11.7 13.9
San Diego $234,930 -1.5 12.9 -3.0 3.9
S.F. Bay $368,880 1.8 15.8 -7.7 16.6
San Luis Obispo $225,810 7.2 18.6 1.8 -7.4
Sta. Barbara** $279,170 -18.0 31.9 0.0 -3.6
Santa Clara $397,530 -4.5 11.4 1.6 29.9
Ventura $264,700 0.9 14.4 -8.8 -8.2
* Based on closed escrow sales of single-family, detached homes only (no condos). Reported
month-to-month changes in sales activity may overstate actual changes because of the small size of
individual regional samples. 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.
** Due to the small sample size in these areas, prices and activity changes may be overemphasized.
sf = single-family, detached home
Source: California Association of REALTORS(R)
A comparison of median home prices by region for October 1999 and October 1998.
October October
1999 1998
California (sf) $218,160 $194,960
California (condo) $155,490 $152,480
Region
Central Valley $122,580 $115,030
High Desert $ 81,720 $95,560
Los Angeles $195,060 $190,300
Monterey $350,450 $279,640
Nor. California $167,500 $154,240
Nor. Wine Country $248,320 $213,790
Orange County $284,130 $265,210
Palm Springs/Lwr. Desert $139,730 $129,460
Riverside/San Bernardino $130,950 $124,050
Sacramento $131,760 $127,340
San Diego $234,930 $208,090
San Francisco Bay $368,880 $318,640
San Luis Obispo $225,810 $190,370
Santa Barbara $279,170 $211,670
Santa Clara $397,530 $356,990
Ventura $264,700 $231,290
Source: California Association of REALTORS(R) SOURCE California Association of
REALTORS |
