California Association of REALTORS® (C.A.R.) reports on December home prices
Record home sales have resulted in strong home prices in California. The C.A.R. states "The median price of an existing home in California in December increased 18.1 percent and sales increased 1.4 percent compared with the same period a year ago."
C.A.R. attributes this home buying frenzy to low interest rates and concern that interest rates might rise.
"The median price of an existing, single-family detached home in California during December 2004 was $474,480, an 18.1 percent increase over the revised $401,720 median for December 2003, C.A.R. reported. The December 2004 median price increased 0.5 percent compared with a revised $471,980 median price in November."
Want to know where the most expensive homes are in California? C.A.R. has the data:
"Statewide, the 10 cities and communities with the highest median home prices in California during December 2004 were: Los Altos, $1,485,000; Burlingame, $1,417,750; Beverly Hills, $1,275,000; Manhattan Beach, $1,250,000; Palos Verdes Estates, $1,117,500; Saratoga, $1,000,000; Hermosa Beach, $976,500; Newport Beach, $925,000; Calabasas, $915,000; Rancho Palos Verdes, $900,000."
And, C.A.R. reports the greatest median home price increases:
"Statewide, the 10 cities and communities with the greatest median home price increases in December 2004 compared with the same period a year ago were: Adelanto, 72.6 percent; Hesperia, 63.2 percent; Inglewood, 55.9 percent; Port Hueneme, 52.7 percent; Hercules, 49.3 percent; West Sacramento, 49.1 percent; Bellflower, 48.9 percent; San Bernardino, 48 percent; Victorville, 46.9 percent, Los Banos, 46.4 percent."
To read more, read the online press release here.