The median price of an existing home in California in October increased 17.4 percent and sales increased 9.9 percent compared to the same period a year ago, according to a C.A.R. report released yesterday. "Despite the fact that mortgage interest rates have leveled off in recent weeks, consumers remain concerned about rates trending up in the coming months," said C.A.R. President Ann Pettijohn. "Those concerns continued to drive buyers into the housing market in October."
Closed escrow sales of existing, single-family detached homes in California totaled 636,690 in October 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 increased 9.9 percent from the 579,240 sales pace recorded in October 2002. The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the October 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 October 2003 was $381,200, a 17.4 percent increase over the revised $324,670 median for October 2002, C.A.R. reported. The October 2003 median price decreased 1.2 percent compared to a revised $385,880 median price in September.