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. recently reported. The December 2004 median price increased 0.5 percent compared with a revised $471,980 median price in November.
Closed escrow sales of existing, single-family detached homes in California totaled 645,860 in December 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 1.4 percent from the 637,080 sales pace recorded in December 2003. The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
"After peaking in the middle of 2004, the number of homes for sale dropped again last month to a 2.8 month supply compared with 3.5 months in November," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Despite having fewer homes to choose from, buyers are becoming more selective and are taking more time before making an offer on a home. The median number of days it took to sell a single-family home reached 43 days in December, compared to 27 days a year ago."
Posted by gandlwoods at January 27, 2005 07:32 AM