Industry News

California real estate values soar

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The median price of an existing home in California in January increased 20.7 percent and sales increased 5.3 percent compared to the same period a year ago, the California Association of Realtors reported today. The median price of an existing, single-family detached home in California during January was $405,720, up substantially from the revised $336,210 median for January 2003, C.A.R. reported. The January 2004 median price increased 0.5 percent compared to a revised $403,570 median price in December. Closed escrow sales of existing, single-family detached homes in California totaled 615,660 in January 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 5.3 percent from the 584,600 sales pace recorded in January 2003. The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the January pace ...