C.A.R. REPORTS MEDIAN HOME PRICE INCREASED 21.4 PERCENT IN OCTOBER
The median price of an existing, single-family detached home in California during October 2004 was $460,370, a 21.4 percent increase over the revised $379,120 median for October 2003, C.A.R. reported on Tuesday. The October 2004 median price decreased 0.7 percent compared with a revised $463,620 median price in September. "While the median price of a home continued to charge ahead in October compared with a year ago, sales moderated to a more sustainable pace, typical for this time of year," said C.A.R. President Jim Hamilton.
Closed escrow sales of existing, single-family detached homes in California totaled 639,570 in October at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTORŪ associations statewide. Statewide home resale activity increased 0.5 percent from the 636,690 sales pace recorded in October 2003. The statewide sales figure represents what the total number of homes sold during 2004 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 inventory of homes for sale also increased to nearly a four-month supply, compared with about a two-month supply a year ago," Hamilton said. "This is giving buyers a greater number of options when looking for a home, and also is reflected in the time it's taking to list and sell a home, which has increased to 37 days -- its highest level since July 1999."