California home sales up 83.2 percent in November, C.A.R. reports

Calif. Assoc. of Realtors

LOS ANGELES – Home sales increased 83.2 percent in November in California compared with the same period a year ago, while the median price of an existing home fell 41.8 percent, the California Association of Realtors® (C.A.R.) reported this week.

"Statewide sales registered a monthly decline for the first time since the first quarter of this year, reacting in part to the worsening situation in the economy, the financial sector, and in terms of consumer and business confidence,” said C.A.R. President James Liptak. “Despite the month-over-month decline, sales were above the 500,000 home level for the third consecutive month. Sales are now 102 percent above the monthly trough for this cycle, which occurred a year ago in September and October, and are 22.3 percent above sales in 2007 in year-to-date terms.”

Closed escrow sales of existing, single-family detached homes in California totaled 514,710 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 increased 83.2 percent from the revised 280,920 sales pace recorded in November 2007. Sales in November 2008 decreased 6.9 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2008 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 2008 was $285,680, a 41.8 percent decrease from the revised $490,511 median for November 2007, C.A.R. reported. The November 2008 median price fell 5.3 percent compared with October’s revised $301,740 median price.

Closed sales in Riverside-San Bernardino increased 196.6 percent in November 2008 compared with the same period one year ago, though it was down 18.7 percent from the previous month. The median price in the region decreased to $202,740 from $344,930, a 41.2 percent change from a year ago and a 3.5 percent decrease from $209,990 of October 2008.

“The statewide median dropped below $300,000 for the first time since early 2002,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Median prices declined across all regions of the state in year-year terms, with the largest declines occurring in areas with higher concentrations of distressed sales.”

Highlights of C.A.R.’s resale housing figures for November 2008:

• C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in November 2008 was 6.9 months, compared with 14.3 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 6.09 percent during November 2008, compared with 6.21 percent in November 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.26 percent in November 2008, compared with 5.48 percent in November 2007.
• The median number of days it took to sell a single-family home was 44.3 days in November 2008, compared with 61.6 days (revised) for the same period a year ago.

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, 0.9 percent, or 3 out of 348 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 for September 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/economics/historicalprices/2008medianprices/nov2008medianprices/.

Statewide, the 10 cities with the highest median home prices in California during November 2008 were:

1. Santa Barbara, $875,000
2. San Ramon, 790,000
3. Danville, $789,000
4. Arcadia, $692,500
5. Berkeley, $690,000
6. San Mateo, $670,000
7. Redondo Beach, $667,500
8. San Francisco, $648,000
9. Alameda, $635,500
10. Irvine, $635,000

FOR COMPLETE STATISTICS FOR ALL REGIONS IN CALIFORNIA, CLICK HERE.

Leading the way in California real estate for more than 100 years, the California Association of Realtors® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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