The median price of an existing home in California in February increased 20.7 percent and sales increased 3.9 percent compared to the same period a year ago, according to a recent C.A.R. report. "While demand for housing gives no indication of slowing down, the inventory of homes for sale continues to decline," said C.A.R. President Ann Pettijohn. "This dynamic is a key constraint in the housing market and why we're experiencing such dramatic price appreciation."
Closed escrow sales of existing, single-family detached homes in California totaled 589,220 in February at a seasonally adjusted annualized rate, according to C.A.R. Statewide home resale activity increased 3.9 percent from the 566,890 sales pace recorded in February 2003. The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the February 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 February 2004 was $394,300, a 20.7 percent increase over the revised $326,640 median for February 2003, C.A.R. reported. The February 2004 median price decreased 2.9 percent compared to a revised $406,220 median price in January.