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Thinkpad The California Realtors Association (C.A.R.) reported today that the median price of an existing home in California in January increased 20.7 percent.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too!
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Laptop Computers February 25, 2004 (AXcess News) Los Angeles CA - The California Realtors Association (C.A.R.) reported today that the median price of an existing home in California in January increased 20.7 percent and sales increased 5.3 percent compared to the same period a year ago.In an announcement released Wednesday, C.A.R. President Ann Pettijohn said, "The inventory of homes for sale is nearing a critical juncture. In a more balanced market, there is a seven- to 10-month supply of homes for sale. In January, it was just two months. As a result, constraints on supply continue to impact both the availability and affordability of housing options for California families."
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Laptop Computer According to information collected by C.A.R. from more than 90 local Realtor associations statewide, closed escrow sales of existing, single-family detached homes in California totaled 615,660 in January at a seasonally adjusted annualized rate.
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Desktop Computer Statewide home resale activity increased 5.3 percent from the 584,600 sales pace recorded in January 2003.The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Notebooks The median price of an existing, single-family detached home in California during January 2004 was $405,720, a 20.7 percent increase over the revised $336,210 median for January 2003, C.A.R. reported. The January 2004 median price increased 0.5 percent compared to a revised $403,570 median price in December.
Lenovo "Home sales continued their climb into record territory last month, hitting their highest level on record for the month of January," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Demand for homes continued unabated, with the median price of a home increasing by double digits for the 26th consecutive month to $405,720."
Hard Drive C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in January 2004 was 2.0 months, compared to 2.8 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.
Travelstar The median number of days it took to sell a single-family home was 27 days in January 2004, compared to 32 days (revised) for the same period a year ago.Thirty-year fixed mortgage interest rates averaged 5.71 percent during January 2004, down from 5.92 percent in January 2003, according to Freddie Mac. Adjustable mortgage interest rates averaged 3.63 percent in January 2004 compared to 3.99 percent in January 2003.In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 95.2 percent or 378 of 397 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.
Gateway 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.
Laptop Parts The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at localized data collected by C.A.R. and DataQuick.
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