Wednesday, April 28, 2004

California Association of Realtors (C.A.R. reports on home sale prices

The California Association of Realtors reports the following:

"The median price of an existing home in California in March increased 22 percent and sales increased 4 percent compared to the same period a year ago."

The median home price for the state of California in March 2004 was $428,280. In March of 2003, it was $351,130. This represents an increase of 22 percent.

In addition, the C.A.R. reports that "Statewide home resale activity increased 4 percent from the 567,610 sales pace recorded in March 2003."

The inventory of single family detached homes available for sale is 1.6 months as of March 2004. (C.A.R. states that "The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.")

In addition, C.A.R. states "The median number of days it took to sell a single-family home was 26 days in March 2004, compared to 30 days (revised) for the same period a year ago."

To read the press release, go here.

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