Prices Increase in July

The median price of an existing, single-family detached home in California during July 2005 was $540,900, a 17.1 percent increase over the revised $461,760 median for July 2004, C.A.R. reported. The July 2005 median price decreased 0.4 percent compared with June's revised $543,120 median price.
"Year-to-date sales continue to outpace last year's, but are moderating compared with the levels experienced earlier this year," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "This is in line with our expectation that sales in 2005 will be 1.4 percent ahead of last year's record pace.
Highlights of C.A.R.'s resale housing figures for July 2005:
-- C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in July 2005 was 3.2 months, compared with 2.4 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 5.70 percent during July 2005, compared with 6.06 percent in July 2004, according to Freddie Mac. Adjustable mortgage interest rates averaged 4.40 percent in July 2005 compared with 4.11 percent in July 2004.
-- The median number of days it took to sell a single-family home was 28 days in July 2005, compared with 24 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(R) 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, 96.6 percent or 403 of 417 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.)
Statewide, the 10 cities and communities with the highest median home prices in California during July 2005 were: Palos Verdes Estates, $1,640,000; Beverly Hills, $1,500,000; Los Altos, $1,480,000; Manhattan Beach, $1,450,000; Burlingame, $1,436,250; Laguna Beach, $1,376,500; Saratoga, $1,373,500; Calabasas, $1,295,000; La Canada-Flintridge, $1,250,000; Newport Beach, $1,225,000.
-- Statewide, the 10 cities and communities with the greatest median home price increases in July 2005 compared with the same period a year ago were: Reedley, 89.4 percent; Palos Verdes Estates, 81.5 percent; Twentynine Palms, 74 percent; Sanger, 66.3 percent; Barstow, 60.9 percent; Desert Hot Springs, 55.5 percent; Rancho Mirage, 53.8 percent; Visalia, 50 percent; West Sacramento, 49.5 percent; Hesperia, 48.7 percent.

Source: California Association of REALTORS(R)