LOS ANGELES (Oct. 25) – Home sales decreased 31.7 percent in September in California compared with the same period a year ago, while the median price of an existing home increased 1.8 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“We expected a fairly steep decline in sales last month compared with a year ago, when sales were near their all-time record,” said C.A.R. President Vince Malta. “Unsold inventory is holding steady, and is close to the long-term historic average typical of a more ‘normal’ market.”
Closed escrow sales of existing, single-family detached homes in California totaled 444,780 in September 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 decreased 31.7 percent from the 650,780 sales pace recorded in September 2005.
The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the September 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 September 2006 was $553,050, a 1.8 percent increase over the revised $543,510 median for September 2005, C.A.R. reported. The September 2006 median price decreased 4 percent compared with August’s $576,360 median price.
“Overall, year-to-date sales were down 24 percent, in line with our 2006 projection. Regional trends in sales and prices were consistent with recent months,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Areas that experienced a lot of homebuilding in recent years or second home activity have experienced larger declines in sales and weaker prices than the state as a whole. These include Northern California, the Northern Wine Country, the Central Valley, San Diego County, and the Lower Desert in Southern California.”
Highlights of C.A.R.’s resale housing figures for September 2006:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in September 2006 was 7 months, compared with 3.2 months (revised) 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.
. Thirty-year fixed mortgage interest rates averaged 6.4 percent during September 2006, compared with 5.77 percent in September 2005, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.56 percent in September 2006 compared with 4.51 percent in September 2005.
. The median number of days it took to sell a single-family home was 54 days in September 2006, compared with 30 days (revised) for the same period a year ago.
Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 59.6 percent, or 227 out of 381 cities and communities, showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://www.car.org/index.php?id=MzY3MjA.
. Statewide, the 10 cities and communities with the highest median home prices in California during September 2006 were: Los Altos, $1,545,000; Manhattan Beach, $1,465,000; Newport Beach, $1,350,000; Burlingame, $1,330,000; Los Gatos, $1,212,500; Rancho Palos Verdes, $1,150,000; Danville, $1,014,500; Cupertino, $968,750; San Clemente, $940,000; Santa Barbara, $917,500.
. Statewide, the 10 cities and communities with the greatest median home price increases in September 2006 compared with the same period a year ago were: Los Gatos, 38.6 percent; Delano, 31.7 percent; Paramount, 26.9 percent; Inglewood, 24.5 percent; Colton, 23.8 percent; Barstow, 22.4 percent; San Juan Capistrano, 21.8 percent; Irvine, 19.1 percent; Lake Forest, 15.4 percent; Compton, 14.9 percent.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (
www.car.org) is one of the largest state trade organizations in the United States, with more than 195,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
September 2006 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
September-06
Median Price
Percent Change in Price from Prior Month
Percent Change in Price from Prior Year
Percent Change in Sales from Prior Month
Percent Change in Sales from Prior Year
Sep-06
Aug-06
Sep-05
Aug-06
Sep-05
Statewide
Calif. (sf)
$553,050
-4.0%
1.8%
0.6%
-31.7%
Calif. (condo)
$427,330
-1.5%
0.5%
-14.3%
-33.4%
Region
Central Valley
$348,960
-0.3%
-3.4%
-8.0%
-39.7%
High Desert
$329,040
-1.2%
5.3%
-7.9%
-28.8%
Los Angeles
$585,730
-0.7%
4.4%
-7.6%
-31.2%
Monterey Region
$726,000
0.4%
1.9%
-25.1%
-47.4%
Monterey County
$680,000
0.7%
0.0%
-22.8%
-52.3%
Santa Cruz County
$750,000
-2.0%
0.0%
-27.6%
-40.2%
Northern California
$397,620
0.3%
-8.5%
-5.9%
-26.4%
Northern Wine Country
$612,000
0.4%
-4.3%
-10.9%
-33.3%
Orange County
$706,490
1.2%
-0.3%
-11.4%
-32.2%
Palm Sprs/Lwr Desert
$344,140
-3.1%
-7.3%
-19.1%
-44.4%
Riverside/S. Bernardino
na
na
na
na
na
Sacramento
$369,460
-2.3%
-3.8%
-6.7%
-37.9%
San Diego
$593,910
-0.8%
-3.0%
-16.3%
-31.7%
San Francisco Bay
$725,870
-1.5%
2.2%
-10.5%
-23.8%
San Luis Obispo
$571,670
-5.2%
-5.1%
5.2%
-23.4%
Santa Barbara County
$634,620
-24.0%
3.9%
-26.5%
-27.6%
S. Barbara S. Coast
$1,025,000
-13.9%
-28.1%
-43.6%
-24.4%
No. S. Barbara County
$446,670
-1.5%
-3.5%
-4.7%
-32.2%
Santa Clara
$769,000
-0.1%
4.9%
-17.9%
-33.8%
Ventura
$686,730
-3.4%
0.6%
-12.2%
-38.8%
na – not available
*Based on closed escrow sales of single family, detached homes only (no condos). Reported month to month changes in sales activity may overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.
sf = single family, detached home
Source: CALIFORNIA ASSOCIATION OF REALTORS®
C.A.R. reports sales decrease 31.7 % in September, median price up 1.8%!
Linear Mode
