Wednesday, February 25, 2004

California Association of Realtors reports on January sales

According to the California Association of Realtors:

"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, C.A.R. reported today. "The inventory of homes for sale is nearing a critical juncture," said C.A.R. President Ann Pettijohn. "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."

Closed escrow sales of existing, single-family detached homes in California totaled 615,660 in January 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 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.

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."

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