State's existing home sales increased 63.8 percent in March

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LOS ANGELES (April 27, 2009) – Home sales increased 63.8 percent in March in California compared with the same period a year ago, while the median price of an existing home declined 39 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“The March sales figure of 522,980 homes indicates that the market continues to be very active,” said C.A.R. President James Liptak. “All of the regions in the state experienced increases in month-to-month raw sales, with the smallest gain in the Sacramento region at 9.7 percent and the largest gain in the Riverside/San Bernardino region at 32.2 percent.”

Closed escrow sales of existing, single-family detached homes in California totaled 522,980 in March 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 63.8 percent from the revised 319,290 sales pace recorded in March 2008. Sales in March 2009 decreased 16 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the March 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 March 2009 was $253,040, a 39 percent decrease from the revised $414,520 median for March 2008, C.A.R. reported. The March 2009 median price rose 2.2 percent compared with February’s $247,590 median price.

“The statewide median price showed the first monthly increase since August 2007, and has remained in the $250,000 range over the past three months,” said C.A.R.’s Chief Economist Leslie Appleton-Young. “A number of regions around the state also have registered monthly gains for one or more months since the beginning of this year. While these are welcome signs, it remains to be seen whether home prices have stabilized.

“While we still face continued weakness in the general economy and expect continued foreclosures, the increased incidence of multiple offers indicates that first-time home buyers and investors are responding to dramatically improved housing affordability. Low mortgage rates and house prices, coupled with the federal first-time home buyer tax credit, is having a definite impact on the California housing market,” Appleton-Young added.

Highlights of C.A.R.’s resale housing figures for March 2009:

Regional MLS sales and price information are 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, three of the 345 cities and communities reporting 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 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.

Statewide, the 10 cities and communities with the highest median home prices in California during January 2009 were:

Santa Monica $755,000
Danville $738,500
Santa Barbara $735,000
Mountain View $700,000
Redondo Beach $630,000
San Ramon $621,000
San Clemente $620,000
San Francisco $617,000
Santa Cruz $610,000
Yorba Linda $561,500

March 2009 Regional Sales and Price Activity*

*Regional Sales Data and Condo Sales Data Not Seasonally Adjusted

March-09

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

  

Mar-09

Feb-09

 

Mar-08

 

Feb-09

Mar-08

Statewide

  

  

Calif. (sf)

$253,040

2.2%

-39.0%

-16.0%

63.8%

Calif. (condo)

$218,010

-0.9%

-39.6%

29.7%

51.9%

  

  

Region

 

  

  

  

High Desert

$114,670

-6.0%

-45.6%

21.3%

172.7%

Los Angeles

$295,100

-4.4%

-31.9%

22.6%

65.6%

Monterey Region

$243,920

1.2%

-56.0%

31.3%

168.1%

Monterey County

$217,000

3.3%

-49.5%

34.1%

248.7%

Santa Cruz County

$400,000

5.3%

-38.0%

22.0%

46.1%

Northern California

$255,520

-0.1%

-20.8%

27.5%

8.7%

Northern Wine Country

$332,990

7.1%

-27.3%

23.9%

51.5%

Orange County

$444,520

2.5%

-24.9%

27.5%

47.4%

Palm Springs/Lower Desert

$157,660

1.1%

-49.4%

17.9%

71.6%

Riverside/San Bernardino

$167,340

-4.0%

-39.5%

32.2%

126.8%

Sacramento

$169,300

0.4%

-34.5%

9.7%

61.5%

San Diego

$323,320

0.7%

-27.8%

22.6%

134.1%

San Francisco Bay

$403,780

1.2%

-42.7%

27.6%

23.6%

San Luis Obispo

$359,680

3.6%

-23.0%

18.4%

12.6%

Santa Barbara County

$291,250

-2.9%

-50.8%

15.8%

3.0%

Santa Barbara South Coast

$825,000

13.8%

-28.6%

-4.1%

-32.9%

North Santa Barbara County

$228,120

-0.1%

-30.3%

27.8%

41.5%

Santa Clara

$448,750

0.8%

-44.6%

22.7%

23.6%

Ventura

$364,920

1.5%

-27.6%

27.0%

77.7%

Note: Santa Barbara County and Monterey County median prices decreased significantly from March 2008 due mainly to high proportion of total sales from lower properties in the regions.

* 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.

Median Prices By Region - Current Month vs. Year Ago

 

Mar-09

Feb-09

 

Mar-08

 

Statewide

 

 

 

 

 

Calif. (sf)

$253,040

$247,590

r

$414,520

r

Calif. (condo)

$218,010

$219,960

$361,120

r

  

Region

  

 

 

 

 

  

High Desert

$114,670

$121,970

$210,660

Los Angeles

$295,100

$308,540

$433,400

r

Monterey Region

$243,920

$241,130

$554,820

Monterey County

$217,000

$210,000

$430,000

Santa Cruz County

$400,000

$380,000

$645,620

Northern California

$255,520

$255,810

$322,810

r

Northern Wine Country

$332,990

$310,950

$458,210

Orange County

$444,520

$433,690

$592,100

r

Palm Springs/Lower Desert

$157,660

$156,000

$311,540

Riverside/San Bernardino

$167,340

$174,400

$276,630

Sacramento

$169,300

$168,700

$258,460

San Diego

$323,320

$320,980

$447,500

San Francisco Bay

$403,780

$399,040

$704,580

San Luis Obispo

$359,680

$347,060

$467,310

Santa Barbara County

$291,250

$300,000

$592,390

r

Santa Barbara South Coast

$825,000

$725,000

r

$1,155,000

r

North Santa Barbara County

$228,120

$228,260

$327,080

Santa Clara

$448,750

$445,000

$810,000

Ventura

$364,920

$359,630

$504,210

sf = single‑family, detached home
r - revised
na - not available

Source: California Association of REALTORS®

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