Thursday, January 29, 2004

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."

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