California Association of Realtors Reports on Real Estate in December
The C.A.R. reports that the median price of an existing home (not new construction) in California in December increased 19.4% and sales increased 11% compared to the same period a year ago. "The median price of a home in California topped $400,000 for the second time in 2003, hitting a record $404,520 last month," said C.A.R. President Ann Pettijohn. "Demand for homes continued unabated, propelled by mortgage rates that remained below 6 percent and an extremely low inventory of homes for sale."
The median price of an existing, single-family detached home in California during December 2003 was $404,520, a 19.4% increase over the revised $338,840 median for December 2002, C.A.R. reported. The December 2003 median price increased 5.1% compared to a revised $384,930 median price in November.
Wow! Even in December the numbers are rising. Another indication of our "seller's market."