LOS ANGELES (March 23) – Home sales decreased 9.6 percent in February in California compared with the same period a year ago, while the median price of an existing home increased 5.7 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Sales in February were at their highest level in eight months, posting their smallest year-to-year decline in 14 months,” said C.A.R. President Colleen Badagliacco. “Next month’s report could tell a different story since sales last year peaked in March. Looking forward, we are likely to see smaller year-to-year declines as we enter the traditional buying season. Homes that are well maintained and are priced to reflect the realities of today’s market will continue to sell.”Closed escrow sales of existing, single-family detached homes in California totaled 464,560 in February 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 decreased 9.6 percent from the 513,740 sales pace recorded in February 2006.
The statewide sales figure represents what the total number of homes sold during 2007 would be if sales maintained the February 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 February 2007 was $564,700, a 5.7 percent increase over the revised $534,400 median for February 2006, C.A.R. reported. The February 2007 median price increased 1 percent compared with January’s revised $559,300 median price.
“Statewide, the number of homes for sale increased slightly in February and remain just above the long-run average,” said C.A.R. Vice President Leslie Appleton-Young. “The unsold inventory index stood at 8.8 months in February, compared with 8.3 months in January, with the San Francisco Bay Area continuing to experience leaner inventory levels compared with Southern California and the state as a whole.”
Highlights of C.A.R.’s resale housing figures for February 2007:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in February 2007 was 8.8 months, compared with 6.2 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 6.29 percent during February 2007, compared with 6.25 percent in February 2006, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.51 percent in February 2007 compared with 5.34 percent in February 2006.
. The median number of days it took to sell a single-family home was 70 days in February 2007, compared with 53 days (revised) for the same period a year ago.
Regional MLS sales and price information is 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, 37 percent, or 129 out of 349 cities and communities, 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 top 10 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 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/index.php?id=MzcxNzM=.
. Statewide, the 10 cities and communities with the highest median home prices in California during February 2007 were: Manhattan Beach, $1,880,000; Laguna Beach, $1,655,000; Newport Beach, $1,412,500; Los Gatos, $982,500; Danville, $951,750; Santa Barbara, $932,270; San Clemente, $824,000; Arcadia, $815,000; Dana Point, $790,000; Cupertino, $776,500. Statewide, the 10 cities and communities with the greatest median home price increases in February 2007 compared with the same period a year ago were: Culver City, 34 percent; Diamond Bar, 26.5 percent; Moorpark, 25 percent; Lake Forest, 22.2 percent; Mountain View, 19.7 percent; Laguna Beach, 18.6 percent; Baldwin Park, 16.1 percent; Newport Beach, 15.3 percent; Pasadena, 13.4 percent; Fontana, 13.1 percent.
