This article details the latest home sales statistics in Riverside and statewide ...

Median price of a home in California at $548,400 in November, up 16.2 percent from year ago; statewide sales decrease 11.2 percent

Thursday, December 22, 2005

From California Association of Realtors

The median price of an existing home in California in November increased 16.2 percent and sales decreased 11.2 percent compared with the same period a year ago, the California Association of Realtors® (C.A.R.) reported today. Riverside-San Bernardino region was among the few bright spots in the state real estate market, with a 14.9 percent increase in sales and a 20.7 percent increase in price.

“The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 16 percent over last year,” said C.A.R. President Vince Malta.

Closed escrow sales of existing, single-family detached homes in California totaled 579,560 in November 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 decreased 11.2 percent from the 652,340 sales pace recorded in November 2004.

The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the November 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 November 2005 was $548,400, a 16.2 percent increase from the $471,980 median for November 2004, C.A.R. reported. The November 2005 median price increased 1.8 percent compared with October’s $538,770 median price. In Riverside-San Bernardino, the median home price slipped to $388,650, 1.6 percent decrease from the previous month ($394,840), but a 20.7 percent leap from the previous year's median price of $321,950.

“While year-to-date sales in November were 1.7 percent above last year’s pace, we are starting to see the ‘soft landing’ we have been expecting,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The year-to-year decline in sales is not surprising, given the market was so strong in November 2004. Additionally, rising mortgage interest rates, which have moved above 6 percent over the last few months, contributed to the slowdown in sales.”

Highlights of C.A.R.’s resale housing figures for November 2005:

- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in November 2005 was 3.9 months, compared with 2.8 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

- Thirty-year fixed mortgage interest rates averaged 6.33 percent during November 2005, compared with 5.73 percent in November 2004, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.14 percent in November 2005 compared with 4.15 percent in November 2004.

- The median number of days it took to sell a single-family home was 39 days in November 2005, compared with 36 days (revised) for the same period a year ago.

Regional MLS sales and price information is contained in the tables that accompany this press release.

A city-by-city breakdown is available here.

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.

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula