Friday, June 02, 2006
Riverside County homes prices dip slightly
Here's an article about the current local real estate market ...
C.A.R. reports median price of a home in California at $562,380 in April, up 10.2 percent from year ago; sales decrease 21.4 percent
California Association of Realtors
LOS ANGELES – The median price of an existing home in California increased 10.2 percent in April and sales decreased 21.4 percent compared with the same period a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
“Sales fell this year compared with April 2005 when they hit the second-highest monthly pace on record. Concerns about the likelihood of future interest rate increases continue to influence the market,” said C.A.R. President Vince Malta. “While still near their historic lows, mortgage interest rates are at their highest level since June 2002 for fixed-rate mortgages, and August 2001 for adjustable-rate mortgages.”
Closed escrow sales of existing, single-family detached homes in California totaled 516,960 in April 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 21.4 percent from the 658,060 sales pace recorded in April 2005.
The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the April 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 April 2006 was $562,380, a 10.2 percent increase over the revised $510,400 median for April 2005, C.A.R. reported. The April 2006 median price was essentially unchanged compared with March’s revised $562,630 median price.
“At 10.2 percent in April, we’re seeing price appreciation trend toward a more sustainable rate for the California housing market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Increased inventory levels are moderating the rate of price appreciation, but are still below what we experience in a more traditional market when the long-term supply of unsold inventory is about 7 months.”
In Riverside County, prices in April increased to $405,000 from $370,000 the previous year, a 9.5 percent hike. In the city of Riverside, the median price increase to $419,000 from $360,000 (up 16.4 percent); Corona prices hit $530,000, up from $490,000 (8.2 percent); and in Moreno Valley, prices reached $370,000 from $322,000, a 14.9 percent increase.
In the Orangecrest neighborhood of Riverside, median prices increased to $540,000, an 18.7 percent increase from the previous year.
Highlights of C.A.R.’s resale housing figures for April 2006:
-- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in April 2006 was 5.6 months, compared with 2.4 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 6.51 percent during April 2006, compared with 5.86 percent in April 2005, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.62 percent in April 2006 compared with 4.25 percent in April 2005.
-- The median number of days it took to sell a single-family home was 42 days in April 2006, compared with 28 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. 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, 84.5 percent, or 339 out of 401 cities and communities 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 top 10 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. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/index.php?id=MzYyOTc.
-- Statewide, the 10 cities and communities with the highest median home prices in California during April 2006 were: Manhattan Beach, $1,685,000; Burlingame, $1,600,000; Los Altos, $1,557,500; Newport Beach, $1,445,000; Saratoga, $1,407,500; Santa Barbara, $1,250,000; Lafayette, $1,112,500; Mill Valley, $1,068,750; Santa Monica, $1,020,000; Danville, $1,019,500.
-- Statewide, the 10 cities and communities with the greatest median home price increases in April 2006 compared with the same period a year ago were: Barstow, 60.9 percent; Delano, 56.3 percent; Taft, 53.8 percent; Lake Forest, 44.7 percent; Merced, 38.5 percent; Ridgecrest, 37.1 percent; Inglewood, 33.5 percent; California City, 32.7 percent; Indio, 30.4 percent; Banning, 30.4 percent; Burlingame, 30.1 percent.
The California Association of Realtors (www.car.org) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula
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