First Quarter Home Sales Reports are in!
The California Association of REALTORS (C.A.R.) reports:
"The median price of an existing, single-family detached home in California set a new record during the first quarter of 2004, rising 20.5 percent to $407,170."
In addition, the California Association of REALTORS reports that "Closed escrow sales of existing, single-family detached homes in California amounted to 598,370 for the first quarter of 2004 at a seasonally adjusted annualized rate, a 4.4 percent increase from 573,030 in the first quarter of 2003."
And, the statistics about inventory are as expected:
"C.A.R.'s Unsold Inventory Index for existing, single-family detached homes for the first quarter of 2004 was 1.6 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."
As another indicator that the California real estate market was strong in the first quarter of 2004, the C.A.R. also states "The median number of days it took to sell a single-family home was 27 days in the first quarter of 2004, compared to a revised 30 days for the same period a year ago."
To read the complete press release, please go here.