California Association of Realtors (CAR) announces increased median home prices and increased home sales (is this a surprise?)
The California Association of Realtors (CAR) reports that "The median price of an existing home in California in April increased 24.6 percent and sales increased 9.8 percent compared to the same period a year ago."
The CAR attributes this increase to buyers wanting to get in the real estate market before interest rates go up, and the traditional activity usually seen in spring.
Another interesting statistic released by the CAR is that "C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in April 2004 was 1.7 months, compared to a revised 2.6 months 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."
And, where are the expensive places to live in California?
CAR reports that "Statewide, the 10 cities and communities with the highest median home prices in California during April 2004 were: Malibu, $1,547,500; Beverly Hills, $1,420,000; Los Altos, $1,350,000; Laguna Beach, $1,314,500; Manhattan Beach, $1,265,000; Saratoga, $1,236,000; Calabasas, $1,160,000; Burlingame, $1,100,000; Palos Verdes Estates, $1,012,500; Newport Beach, $990,000."
Note all of the beach communities in that list!
To read the press release of the CAR, please go here.