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Welcome to the updated Yolo County Board of Realtors website. Now members of the public can search for a real estate professional, an affliated business or search directly for real estate for sale using the public search for properties at Metrolistmls. Membership applications, both for the YCBOR and Metrolist can be downloaded here. Members will find the site has more features including a calendar of REALTOR events and an individual profile page that can be updated by YOU! We are looking to increase communication with our members through the website and through our Facebook presence .
Carolyn Gjerde-Tu
2010 President
Yolo County Board of Realtors
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Statistical Information
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ECONOMICS
CALIFORNIA MARKET REPORTS
Monday, May 24, 2010
C.A.R. reports April median price increased 21 percent; home sales decreased 8.1
percent
Multimedia:
- Click here to view
Unsold Inventory by price point.
- Click here
to view a data table comparing current prices with trough prices in areas throughout
the state.
- Click here
to view a video of C.A.R. Chief Economist Leslie Appleton-Young discuss the highlights
of the April sales and price report.
Quick Facts:
- Existing, single-family home sales decreased 8.1 percent in April to a seasonally
adjusted rate of 483,830 units on an annualized basis compared with April 2009.
- The statewide median price of an existing single-family home increased 21 percent
in April to $306,230, compared with April 2009.
- C.A.R.'s Unsold Inventory Index rose to 5.1 months in April, compared with five
months in April 2009.
Follow C.A.R. Media on Twitter @CAR_Media
for the latest housing news and information from the CALIFORNIA ASSOCIATION OF REALTORS®
(C.A.R.).
LOS ANGELES (May 24) – Home sales decreased 8.1 percent in April in California compared
with the same period a year ago, while the median price of an existing home rose
21 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
"It's likely that the state tax credit that went into effect May 1 created
an incentive for many buyers to postpone closing escrow so they could take advantage
of both the state and federal tax credits that were available," said C.A.R.
President Steve Goddard. "We should see the pace of closed sales edge up in
May and June as these tax-incentivized transactions close.
"Sales dipped below the 500,000-unit level for the first time in 19 months
also because of supply issues – the demand for attractive foreclosed properties
well exceeds the number of properties on the market," he said. "At the
same time, mortgage interest rates continue to hover near their historic lows, and
many buyers are out in force to take advantage of the combination of low interest
rates and affordably priced homes. It's an ideal time for many families to purchase
their first home even though they may face stiff competition."
Closed escrow sales of existing, single-family detached homes in California totaled
483,830 in April 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 8.1 percent from the revised 526,720 sales
pace recorded in April 2009. Sales in April 2010 decreased 6.4 percent compared
with the previous month.
Trough vs. Current Price – April 2010
|
Region
|
Trough Month
|
Trough Price
|
Apr-10 Median
|
% Chg From Trough
|
|
San Francisco Bay Area
|
Feb-09
|
$399,040
|
$583,280
|
46.2%
|
|
Santa Clara
|
Feb-09
|
$445,000
|
$628,000
|
41.1%
|
|
Monterey Region
|
Feb-09
|
$241,130
|
$326,360
|
35.3%
|
|
Palm Springs/Lower Desert
|
Apr-09
|
$150,140
|
$197,040
|
31.2%
|
|
CALIFORNIA
|
Feb-09
|
$245,170
|
$306,230
|
24.9%
|
|
Ventura
|
Feb-09
|
$359,630
|
$442,610
|
23.1%
|
|
High Desert
|
May-09
|
$106,210
|
$127,300
|
19.9%
|
|
San Diego
|
Mar-09
|
$326,830
|
$388,480
|
18.9%
|
|
Riverside/San Bernardino
|
Apr-09
|
$156,840
|
$183,970
|
17.3%
|
|
Orange County
|
Jan-09
|
$423,100
|
$491,120
|
16.1%
|
|
San Luis Obispo
|
Apr-09
|
$338,160
|
$390,240
|
15.4%
|
|
Los Angeles
|
Mar-09
|
$295,100
|
$338,970
|
14.9%
|
|
Northern Wine Country
|
Feb-09
|
$310,950
|
$355,000
|
14.2%
|
|
Sacramento
|
Apr-09
|
$167,340
|
$188,100
|
12.4%
|
The statewide sales figure represents what the total number of homes sold during
2010 would be if sales maintained the April 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
April 2010 was $306,230, a 21 percent increase from the revised $253,110 median
for April 2009, C.A.R. reported. The April 2010 median price increased 1.5 percent
compared with March's $301,790 median price.
Peak vs. Current Price – April 2010
IMAGE PLACEHOLDER
"The strong demand for distressed properties continued unabated last month,
and overall, inventory remains constrained in most segments of the market,"
said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Listings
in April increased compared with a month earlier, typical for this time of year,
as more sellers entered the market. At the $300,000 and below price point, the number
of homes for sale is at a 3.3-month supply, well below the historical average of
seven months."
Unsold Inventory Index (Months)
|
Price Range
(Thousand)
|
Apr-10
|
Mar-10
|
Apr-09
|
|
$1,000K+
|
9.7
|
10.9
|
18.7
|
|
$750-1000K
|
6.4
|
6.2
|
10.3
|
|
$500-750K
|
5.4
|
5.1
|
5.8
|
|
$300-500K
|
4.5
|
4.2
|
4.1
|
|
$0-300K
|
3.3
|
3.2
|
3.0
|
Highlights of C.A.R.'s resale housing figures for April 2010:
- C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in April
2010 was 5.1 months, compared with five 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 5.10 percent during April 2010,
compared with 4.81 percent in April 2009, according to Freddie Mac. Adjustable-mortgage
interest rates averaged 4.16 percent in April 2010, compared with 4.82 percent in
April 2009.
- The median number of days it took to sell a single-family home was 39.4 days in
April 2010, compared with 48.1 days (revised) for the same period a year ago.
Regional MLS sales and price information are 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, 254 of the 374 cities and communities reporting 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
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 for April 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
here.
- Statewide, the 10 cities with the highest median home prices in California during
April 2010 were: Manhattan Beach, $1,572,500; Saratoga, $1,440,000; Los Altos, $1,428,750;
Mill Valley, $1,200,000; Laguna Beach, $1,162,500; Cupertino, $1,120,000; Newport
Beach, $1,037,500; Los Gatos, $1,034,000; Calabasas, $925,000; and Santa Monica,
$870,000.
- Statewide, the cities with the greatest median home price increases in April 2010
compared with the same period a year ago were: Richmond, 63.2 percent; Pittsburg,
56.7 percent; Tulare, 37 percent; San Bernardino, 37 percent; Cupertino, 35.7 percent;
Monterey Park, 33.9 percent; Tustin, 31.6 percent; Highland, 29.2 percent; Manteca,
28.1 percent; Lancaster, 27.6 percent; and Seaside, 26.9 percent.
For sales and price tables, please visit
this link.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA
ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations
in the United States, with nearly 160,000 members dedicated to the advancement of
professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Tuesday, June 22, 2010
C.A.R. reports May median price increased 23.2 percent; home sales increased 1.2
percent
Multimedia:
- Visit this link to view
Unsold Inventory by price point.
- Visit this link
to view a data table comparing current prices with trough prices in areas throughout
the state.
- Visit this
link to view a video of C.A.R. Chief Economist Leslie Appleton-Young discuss
highlights of the May sales and price report.
Quick Facts:
- Existing, single-family home sales increased 1.2 percent in May to a seasonally
adjusted rate of 552,800 units on an annualized basis compared with May 2009.
- The statewide median price of an existing single-family home increased 23.2 percent
in May to $324,430, compared with May 2009.
- C.A.R.'s Unsold Inventory Index remained unchanged at 4.6 months in May.
LOS ANGELES (June 22) – Home sales increased 1.2 percent in May in California compared
with the same period a year ago, while the median price of an existing home rose
23.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
"Home sales posted their third largest increase on record for May, due in part
to first-time home buyers who timed the open and close of escrow in order to capitalize
on both the federal and state tax credits," said C.A.R. President Steve Goddard.
"May also marked the fifth month of double-digit gains in the median price,
indicative of strong buyer demand relative to the supply of homes for sale. With
a 4.6-month supply of homes for sale, unsold inventory continues to be well below
the long-run average of seven months, and will continue to drive price appreciation
over the next several months."
Closed escrow sales of existing, single-family detached homes in California totaled
552,800 in May 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 increased 1.2 percent from the revised 546,490 sales
pace recorded in May 2009. Sales in May 2010 increased 14.1 percent compared with
the previous month.
Trough vs. Current Price – May 2010
|
Region
|
Trough Month
|
Trough Price
|
May-10 Median
|
% Chg From Trough
|
|
Monterey Region
|
Feb-09
|
$241,130
|
$363,640
|
50.8%
|
|
San Francisco Bay Area
|
Feb-09
|
$399,040
|
$592,930
|
48.6%
|
|
Santa Clara
|
Feb-09
|
$445,000
|
$630,000
|
41.6%
|
|
CALIFORNIA
|
Feb-09
|
$245,230
|
$324,430
|
32.3%
|
|
Riverside/San Bernardino
|
Apr-09
|
$156,840
|
$194,960
|
24.3%
|
|
Palm Springs/Lower Desert
|
Apr-09
|
$150,140
|
$184,690
|
23.0%
|
|
Ventura
|
Feb-09
|
$359,630
|
$440,370
|
22.5%
|
|
San Diego
|
Mar-09
|
$326,830
|
$391,410
|
19.8%
|
|
Orange County
|
Jan-09
|
$423,100
|
$505,750
|
19.5%
|
|
High Desert
|
May-09
|
$106,210
|
$126,430
|
19.0%
|
|
Los Angeles
|
Mar-09
|
$295,100
|
$346,350
|
17.4%
|
|
Northern Wine Country
|
Feb-09
|
$310,950
|
$363,140
|
16.8%
|
|
Sacramento
|
Apr-09
|
$167,340
|
$191,430
|
14.4%
|
|
San Luis Obispo
|
Apr-09
|
$338,160
|
$382,080
|
13.0%
|
|
Northern California
|
Dec-09
|
$246,450
|
$243,200
|
-1.3%
|
The statewide sales figure represents what the total number of homes sold during
2010 would be if sales maintained the May 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
May 2010 was $324,430, a 23.2 percent increase from the revised $263,440 median
for May 2009, C.A.R. reported. The May 2010 median price increased 5.9 percent compared
with April's $306,230 median price.
Peak vs. Current Price – May 2010
|
Region
|
Peak Month
|
Peak Price
|
May-10 Median
|
% Chg From Peak
|
|
High Desert
|
Apr-06
|
$334,860
|
$126,430
|
-62.2%
|
|
Monterey Region
|
Aug-07
|
$798,210
|
$363,640
|
-54.4%
|
|
Palm Springs/Lower Desert
|
Jun-05
|
$393,370
|
$184,690
|
-53.0%
|
|
Riverside/San Bernardino
|
Jan-07
|
$415,160
|
$194,960
|
-53.0%
|
|
Sacramento
|
Aug-05
|
$394,450
|
$191,430
|
-51.5%
|
|
CALIFORNIA
|
May-07
|
$594,530
|
$324,430
|
-45.4%
|
|
Northern California
|
Aug-05
|
$440,420
|
$243,200
|
-44.8%
|
|
Northern Wine Country
|
Jan-06
|
$645,080
|
$363,140
|
-43.7%
|
|
Los Angeles
|
Aug-07
|
$605,300
|
$346,350
|
-42.8%
|
|
San Luis Obispo
|
Jun-06
|
$620,540
|
$382,080
|
-38.4%
|
|
Ventura
|
Aug-06
|
$710,910
|
$440,370
|
-38.1%
|
|
San Diego
|
May-06
|
$622,380
|
$391,410
|
-37.1%
|
|
Orange County
|
Apr-07
|
$747,260
|
$505,750
|
-32.3%
|
|
San FranciscoBay Area
|
May-07
|
$853,910
|
$592,930
|
-30.6%
|
|
Santa Clara
|
Apr-07
|
$868,410
|
$630,000
|
-27.5%
|
"The number of escrows opened in May fell 16.9 percent compared with April.
This was consistent with our expectation that activity may decline once the federal
tax credit deadline had passed, "said C.A.R. Vice President and Chief Economist
Leslie Appleton-Young. "Although there may be a lessening of demand compared
with the first half of this year, the number of escrows opened on a year-to-date
basis is about the same as last year, and sales for all of 2010 will be on a par
or slightly below last year."
Unsold Inventory Index (Months)
|
(Thousand)
|
May-10
|
Apr-10
|
May-09
|
|
$1 million+
|
10.1
|
9.7
|
16.3
|
|
$750-1 million
|
5.5
|
6.4
|
7.5
|
|
$500-750,000
|
4.3
|
5.4
|
5.0
|
|
$300-500,000
|
3.9
|
4.5
|
3.8
|
|
$0-300,000
|
3.1
|
3.3
|
2.7
|
Highlights of C.A.R.'s resale housing figures for May 2010:
- C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in May
2010 was 4.6 months, unchanged from 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 4.89 percent during May 2010,
compared with 4.86 percent in May 2009, according to Freddie Mac. Adjustable-mortgage
interest rates averaged 4.01 percent in May 2010, compared with 4.75 percent in
May 2009.
- The median number of days it took to sell a single-family home was 39.8 days in
May 2010, compared with 52.4 days (revised) for the same period a year ago.
Regional MLS sales and price information are 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, 245 of the 377 cities and communities reporting 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
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 for May 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
here.
- Statewide, the 10 cities with the highest median home prices in California during
May 2010 were: Manhattan Beach, $1,555,000; Los Altos, $1,500,000; Saratoga, $1,435,500;
Palo Alto, $1,293,500; Palos Verdes Estates, $1,262,500; Newport Beach, $1,100,000;
Los Gatos, $1,087,500; Laguna Beach, $960,000; Mill Valley, $954,500; and Lafayette,
$928,500.
- Statewide, the cities with the greatest median home price increases in May 2010
compared with the same period a year ago were: Richmond, 75 percent; San Juan Capistrano,
58 percent; Newport Beach, 56 percent; Lemon Grove, 53 percent; San Bernardino,
50 percent; Oceanside, 47 percent; West Hollywood, 45 percent; Watsonville, 42 percent;
Los Gatos, 41 percent; and Santa Ana, 37 percent.
For sales and price tables, please visit
this link.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA
ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations
in the United States, with nearly 160,000 members dedicated to the advancement of
professionalism in real estate. C.A.R. is headquartered in Los Angeles.
###
May 2010 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
|
Median Price
|
Percent Change in Price from Prior Month
|
Percent Change in Price from Prior Year
|
Percent Change in Sales from Prior Month
|
Percent Change in Sales from Prior Year
|
|
|
May-10
|
Apr-10
|
|
May-09
|
|
Apr-10
|
May-09
|
|
Statewide
|
|
|
|
|
|
|
|
|
Calif. (sf)
|
$324,430
|
5.9%
|
|
23.2%
|
|
14.1%
|
1.2%
|
|
Calif. (condo)
|
$278,300
|
5.8%
|
|
16.6%
|
|
17.5%
|
25.3%
|
|
|
|
|
|
|
|
|
|
|
C.A.R. Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Desert
|
$126,430
|
-0.7%
|
|
19.0%
|
|
-8.0%
|
-33.8%
|
|
Los Angeles
|
$346,350
|
2.2%
|
|
10.6%
|
|
4.7%
|
3.7%
|
|
Monterey Region
|
$363,640
|
11.4%
|
|
46.1%
|
|
13.7%
|
-9.4%
|
|
Monterey County
|
$280,000
|
6.9%
|
|
37.6%
|
|
3.3%
|
-18.5%
|
|
Santa Cruz County
|
$525,000
|
-5.9%
|
|
16.0%
|
|
40.5%
|
14.8%
|
|
Northern California
|
$243,200
|
-5.5%
|
|
-8.8%
|
|
8.3%
|
15.3%
|
|
Northern Wine Country
|
$363,140
|
2.3%
|
|
4.0%
|
|
8.5%
|
-0.7%
|
|
Orange County
|
$505,750
|
3.0%
|
|
6.7%
|
|
15.9%
|
18.5%
|
|
Palm Springs/Lower Desert
|
$184,690
|
-6.3%
|
|
20.8%
|
|
5.1%
|
3.0%
|
|
Riverside/San Bernardino
|
$194,960
|
6.0%
|
|
21.2%
|
|
-3.5%
|
-25.1%
|
|
Sacramento
|
$191,430
|
1.8%
|
|
5.8%
|
|
18.5%
|
-1.1%
|
|
San Diego
|
$391,410
|
0.8%
|
|
14.6%
|
|
18.0%
|
12.7%
|
|
San Francisco Bay
|
$592,930
|
1.7%
|
|
28.9%
|
|
19.8%
|
17.6%
|
|
San Luis Obispo
|
$382,080
|
-2.1%
|
|
6.1%
|
|
11.9%
|
3.7%
|
|
Santa Barbara County
|
$475,000
|
2.7%
|
|
60.2%
|
|
-4.5%
|
8.4%
|
|
Santa BarbaraSouth Coast
|
$905,000
|
4.6%
|
|
4.8%
|
|
-6.7%
|
43.1%
|
|
NorthSanta Barbara County
|
$239,280
|
-4.3%
|
|
1.3%
|
|
-5.6%
|
-15.8%
|
|
Santa Clara
|
$630,000
|
0.3%
|
|
28.6%
|
|
26.1%
|
24.7%
|
|
Ventura
|
$440,370
|
-0.5%
|
|
6.0%
|
|
1.5%
|
7.1%
|
na - not available
* Based on closed escrow sales of single family, detached homes only (no condos).
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.
sf = single family, detached home
Source: CALIFORNIA ASSOCIATION OF REALTORS®
Median Prices By Region – Current Month vs. Year Ago
|
|
May-10
|
Apr-10
|
|
May-09
|
|
|
Statewide
|
|
|
|
|
|
|
Calif. (sf)
|
$324,430
|
$306,230
|
|
$263,440
|
r
|
|
Calif. (condo)
|
$278,300
|
$263,160
|
|
$238,780
|
r
|
|
|
|
|
|
|
|
|
C.A.R. Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Desert
|
$126,430
|
$127,300
|
|
$106,210
|
|
|
Los Angeles
|
$346,350
|
$338,970
|
|
$313,270
|
|
|
Monterey Region
|
$363,640
|
$326,360
|
|
$248,830
|
|
|
Monterey County
|
$280,000
|
$262,000
|
|
$203,500
|
|
|
Santa Cruz County
|
$525,000
|
$557,650
|
|
$452,500
|
|
|
Northern California
|
$243,200
|
$257,420
|
|
$266,730
|
r
|
|
Northern Wine Country
|
$363,140
|
$355,000
|
|
$349,270
|
|
|
Orange County
|
$505,750
|
$491,120
|
|
$474,110
|
|
|
Palm Springs/Lower Desert
|
$184,690
|
$197,040
|
|
$152,860
|
|
|
Riverside/San Bernardino
|
$194,960
|
$183,970
|
|
$160,880
|
|
|
Sacramento
|
$191,430
|
$188,100
|
|
$180,940
|
|
|
San Diego
|
$391,410
|
$388,480
|
|
$341,670
|
|
|
San Francisco Bay
|
$592,930
|
$583,280
|
|
$459,980
|
|
|
San Luis Obispo
|
$382,080
|
$390,240
|
|
$360,000
|
|
|
Santa Barbara County
|
$475,000
|
$462,500
|
|
$296,430
|
|
|
Santa BarbaraSouth Coast
|
$905,000
|
$865,000
|
r
|
$863,250
|
|
|
NorthSanta Barbara County
|
$239,280
|
$250,000
|
|
$236,110
|
|
|
Santa Clara
|
$630,000
|
$628,000
|
|
$490,000
|
|
|
Ventura
|
$440,370
|
$442,610
|
|
$415,580
|
|
na - not available
r - revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
Thursday, July 22, 2010
C.A.R. reports June median price increased 13.6 percent; home sales decreased 4.2
percent
Multimedia:
- Visit this
link to view a video of C.A.R. Chief Economist Leslie Appleton-Young discuss
highlights of the June sales and price report.
- Visit this link
to view Unsold Inventory by price point.
- Visit this link
to view a data table comparing current prices with trough prices in areas throughout
the state.
Quick Facts:
- Existing, single-family home sales decreased 4.2 percent in June to a seasonally
adjusted rate of 492,800 units on an annualized basis compared with June 2009.
- The statewide median price of an existing single-family home increased 13.6 percent
in June to $311,950 compared with June 2009.
- C.A.R.'s Unsold Inventory Index rose to 4.8 months in June compared with 4.2 months
in June 2009.
LOS ANGELES (July 22) – Home sales decreased 4.2 percent in June in California compared
with the same period a year ago, while the median price of an existing home rose
13.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
"Buyers who scrambled to close escrow in May to take advantage of federal and
state tax credits before they expired impacted the number of homes sold last month,"
said C.A.R. President Steve Goddard. "Although we expect sales to be lower
in the second half of the year because of the absence of the government stimulus,
they should remain above the long-run average and be significantly higher than the
trough in 2007, when sales bottomed out.
"Although the tax credits are no longer available, it's important to keep in
mind that home prices are substantially below their peaks and interest rates remain
at historic lows, making this a very affordable time for many first-time buyers
to purchase a home of their own," he said.
Closed escrow sales of existing, single-family detached homes in California totaled
492,800 in June 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 4.2 percent from the revised 514,230 sales
pace recorded in June 2009. Sales in June 2010 decreased 11.1 percent compared with
the previous month.
|
Region
|
Trough Month
|
Trough Price
|
Jun-10 Median
|
% Chg From Trough
|
|
San Francisco Bay Area
|
Feb-09
|
$399,040
|
$598,640
|
50.0%
|
|
Santa Clara
|
Feb-09
|
$445,000
|
$633,000
|
42.2%
|
|
Monterey Region
|
Feb-09
|
$241,130
|
$338,460
|
40.4%
|
|
Palm Springs/Lower Desert
|
Apr-09
|
$150,140
|
$198,570
|
32.3%
|
|
San Luis Obispo
|
Apr-09
|
$338,160
|
$440,000
|
30.1%
|
|
CALIFORNIA
|
Feb-09
|
$245,230
|
$311,950
|
27.2%
|
|
Ventura
|
Feb-09
|
$359,630
|
$450,930
|
25.4%
|
|
Riverside/San Bernardino
|
Apr-09
|
$156,840
|
$191,900
|
22.4%
|
|
Orange County
|
Jan-09
|
$423,100
|
$517,620
|
22.3%
|
|
San Diego
|
Mar-09
|
$326,830
|
$397,910
|
21.7%
|
|
High Desert
|
May-09
|
$106,210
|
$125,620
|
18.3%
|
|
Northern Wine Country
|
Feb-09
|
$310,950
|
$364,740
|
17.3%
|
|
Sacramento
|
Apr-09
|
$167,340
|
$196,220
|
17.3%
|
|
Los Angeles
|
Mar-09
|
$295,100
|
$334,800
|
13.5%
|
|
Northern California
|
May-10
|
$243,200
|
$247,550
|
1.8%
|
The statewide sales figure represents what the total number of homes sold during
2010 would be if sales maintained the June 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
June 2010 was $311,950, a 13.6 percent increase from the revised $274,640 median
for June 2009, C.A.R. reported. The June 2010 median price decreased 3.8 percent
compared with May's $324,430 median price.
Peak vs. Current Price – June 2010
|
Region
|
Peak Month
|
Peak Price
|
Jun-10 Median
|
% Chg From Peak
|
|
High Desert
|
Apr-06
|
$334,860
|
$125,620
|
-62.5%
|
|
Monterey Region
|
Aug-07
|
$798,210
|
$338,460
|
-57.6%
|
|
Riverside/San Bernardino
|
Jan-07
|
$415,160
|
$191,900
|
-53.8%
|
|
Sacramento
|
Aug-05
|
$394,450
|
$196,220
|
-50.3%
|
|
Palm Springs/Lower Desert
|
Jun-05
|
$393,370
|
$198,570
|
-49.5%
|
|
CALIFORNIA
|
May-07
|
$594,530
|
$311,950
|
-47.5%
|
|
Los Angeles
|
Aug-07
|
$605,300
|
$334,800
|
-44.7%
|
|
Northern California
|
Aug-05
|
$440,420
|
$247,550
|
-43.8%
|
|
Northern Wine Country
|
Jan-06
|
$645,080
|
$364,740
|
-43.5%
|
|
Ventura
|
Aug-06
|
$710,910
|
$450,930
|
-36.6%
|
|
San Diego
|
May-06
|
$622,380
|
$397,910
|
-36.1%
|
|
Orange County
|
Apr-07
|
$747,260
|
$517,620
|
-30.7%
|
|
San FranciscoBay Area
|
May-07
|
$853,910
|
$598,640
|
-29.9%
|
|
San Luis Obispo
|
Jun-06
|
$620,540
|
$440,000
|
-29.1%
|
|
Santa Clara
|
Apr-07
|
$868,410
|
$633,000
|
-27.1%
|
"As we anticipated, home prices have continued to post modest gains, due in
large part to the lean inventory of homes for sale in many regions of the state,"
said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "This
has contributed to market stability and bodes well for the remainder of the year.
"We're also seeing an increase in home sales at the higher-end of the market,
a reflection of the slight thaw in jumbo financing, although there still is a long
way to go before jumbo loans are readily available to qualified buyers," she
said.
Unsold Inventory Index (Months)
|
Price Range
(Thousand)
|
Jun-10
|
May-10
|
Jun-09
|
|
$1 million+
|
9.2
|
10.1
|
11.3
|
|
$750-1 million
|
5.9
|
5.5
|
6.3
|
|
$500-750,000
|
4.8
|
4.3
|
4.0
|
|
$300-500,000
|
4.2
|
3.9
|
3.5
|
|
$0-300,000
|
3.0
|
3.1
|
2.5
|
Highlights of C.A.R.'s resale housing figures for June 2010:
- C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in June
2010 rose to 4.8 months, compared with 4.2 months in June 2009. 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 4.74 percent during June 2010,
compared with 5.42 percent in June 2009, according to Freddie Mac. Adjustable-mortgage
interest rates averaged 3.86 percent in June 2010, compared with 4.93 percent in
June 2009.
- The median number of days it took to sell a single-family home was 43.3 days in
June 2010, compared with 44.3 days (revised) for the same period a year ago.
Regional MLS sales and price information are 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, 232 of the 372 cities and communities reporting 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
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 for June June 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
here.
- Statewide, the 10 cities with the highest median home prices in California during
June 2010 were: Manhattan Beach, $1,737,500; Los Altos, $1,618,500; Saratoga, $1,425,000;
Palo Alto, $1,308,500; Laguna Beach, $1,230,500; Newport Beach, $1,150,000; Los
Gatos, $1,045,000; Rancho Palos Verdes, $1,000,000; Cupertino, $980,000; and Lafayette,
$946,250.
- Statewide, the cities with the greatest median home price increases in June 2010
compared with the same period a year ago were: National City, 59 percent; Newport
Beach, 52 percent; Richmond, 52 percent; San Bernardino, 47 percent; San Pablo,
38 percent; Fairfield, 37 percent; Walnut, 34 percent; Colton, 32 percent; Imperial
Beach, 31 percent; and Poway, 30 percent.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA
ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations
in the United States, with nearly 160,000 members dedicated to the advancement of
professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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