California Home Sales Leap 28 Percent in September, Median Price Posts 17.9 Percent Increase, C.A.R. Reports LOS ANGELES, Oct. 27 /PRNewswire/ -- The median price of an existing home in California in September increased 17.9 percent and sales increased 28 percent compared to the same period a year ago, the California Association of REALTORS(R) (C.A.R.) reported today. "We're continuing to experience the impact of the recent rise in mortgage interest rates on home sales in California," said C.A.R. President Toby Bradley. "Although interest rates are still near their historic lows, the psychological impact of rising rates has created a heightened sense of urgency in the housing market." Closed escrow sales of existing, single-family detached homes in California totaled 631,880 in September at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations statewide. Statewide home resale activity increased 28 percent from the 493,800 sales pace recorded in September 2002. The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the September 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 September 2003 was $380,040, a 17.9 percent increase over the revised $322,450 median for September 2002, C.A.R. reported. The September 2003 median price decreased 5.0 percent compared to a revised $400,020 median price in August. "Year-to-date sales have increased 2.8 percent compared to the same period a year ago, while unsold inventory remained near its record low at 2.1 months in September," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. Highlights of C.A.R.'s resale housing figures for September 2003: -- C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in September 2003 was 2.1 months, compared to 2.6 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 6.15 percent during September 2003, up from 6.09 percent in September 2002, according to Freddie Mac. Adjustable mortgage interest rates averaged 3.86 percent in September 2003 compared to 4.29 percent in September 2002. -- The median number of days it took to sell a single-family home was 26 days in September 2003, compared to a revised 23 days 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 is not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes is generated from a survey of more than 90 associations of REALTORS(R) throughout the state. MLS median price and sales data for condominiums is 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, 93.7 percent or 354 of 378 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. 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 localized data collected by C.A.R. and DataQuick at http://www.car.org/index.php?id=MzI2ODQ . -- Statewide, the 10 cities and communities with the highest median home prices in California during September 2003 were: Coronado, $1,156,250; Manhattan Beach, $1,091,250; Palos Verdes Estates, $1,050,000; Laguna Beach, $915,000; Newport Beach, $874,000; Hermosa Beach, $850,000; Orinda, $836,000; Beverly Hills, $829,000; Calabasas, $800,000; Rancho Palos Verdes, $790,000. -- Statewide, the 10 cities and communities with the greatest median home price increases in September 2003 compared to the same period a year ago were: Montebello, 53.6 percent; Hercules, 52.7 percent; Agoura Hills, 49.9 percent; Union City, 42.7 percent; California City, 42.7 percent; Wildomar, 42.6 percent; Upland, 42.6 percent; San Fernando, 41.0 percent; Newport Beach 41.0 percent; Hesperia, 39.5 percent. The California Association of REALTORS(R) ( http://www.car.org/ ) is one of the largest state trade organizations in the United States, with more than 130,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. September 2003 REGIONAL SALES AND PRICE ACTIVITY* Regional and Condo Sales Data Not Seasonally Adjusted Percent Percent Percent Percent Change Change in Change in Change in in Sales Price from Price from Sales from from Median Prior Prior Prior Prior Price Month Year Month Year September-03 Sep-03 Aug-03 Sep-02 Aug-03 Sep-02 Statewide Calif. (sf) $380,040 -5.0% 17.9% -2.1% 28.0% Calif. (condo) $293,820 1.7% 18.1% -9.8% 25.4% C.A.R. Region Central Valley $231,020 -0.5% 14.5% -7.8% 24.5% High Desert $169,280 3.8% 24.5% 5.3% 28.9% Los Angeles $369,740 -1.3% 26.6% 1.4% 12.7% Monterey Region na na na na na Monterey County na na na na na Santa Cruz County na na na na na Northern California $299,860 2.0% 21.0% 3.5% 32.0% Northern Wine Country $438,200 0.8% 15.0% -7.2% 15.9% Orange County $515,110 -1.6% 14.3% -16.8% 31.0% Palm Springs/ Lower Desert $254,100 -5.1% 24.2% -12.5% 24.8% Riverside/ San Bernardino $226,730 -0.8% 24.4% 2.7% 23.0% Sacramento $256,520 0.4% 13.7% -12.4% 14.4% San Diego $433,820 -2.3% 13.2% -14.6% 33.0% San Francisco Bay na na na na na San Luis Obispo $370,940 -4.9% 8.6% -1.1% 7.6% Santa Barbara County $440,620 -8.1% 24.6% -27.2% 7.4% Santa Barbara South Coast $903,500 -3.5% 27.3% -36.6% 17.9% North Santa Barbara County $339,230 6.5% 22.5% -20.6% 0.8% Santa Clara na na na na na Ventura $494,470 2.9% 25.7% -9.1% 23.5% na -- not available *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. sf = single-family, detached home Source:California Association of REALTORS(R) Median Prices By Region - Current Month vs. Year Ago Sep-03 Aug-03 Sep-02 Statewide Calif. (sf) $380,040 $400,020 r $322,450 r Calif. (condo) $293,820 $288,840 r $248,790 r C.A.R. Region Central Valley $231,020 $232,250 r $201,760 r High Desert $169,280 $163,070 $135,930 Los Angeles $369,740 $374,720 $292,060 Monterey Region na $513,480 r $465,080 Monterey County na $469,900 $395,000 Santa Cruz County na $545,000 $529,250 Northern California $299,860 $293,890 r $247,900 Northern Wine Country $438,200 $434,800 $380,930 Orange County $515,110 $523,600 $450,520 Palm Springs/ Lower Desert $254,100 $267,750 $204,580 Riverside/ San Bernardino $226,730 $228,560 r $182,250 Sacramento $256,520 $255,540 r $225,550 r San Diego $433,820 $444,230 $383,080 San Francisco Bay na $564,500 r $524,050 San Luis Obispo $370,940 $390,150 $341,670 Santa Barbara County $440,620 $479,540 $353,570 r Santa Barbara South Coast $903,500 $936,000 r $710,000 r North Santa Barbara County $339,230 $318,460 $276,920 Santa Clara na $565,000 $549,000 Ventura $494,470 $480,410 $393,440 na - not available r - revised Source:California Association of REALTORS(R) DATASOURCE: California Association of REALTORS CONTACT: media, Mark Giberson of California Association of REALTORS, +1-213-739-8304, Web site: http://www.car.org/

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