Industry News

Real estate values soar in California

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The median price of an existing home in California in February increased 20.7 percent and sales increased 3.9 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 February was $394,300, a 20.7 percent increase over the revised $326,640 median for February 2003, C.A.R. reported. The February 2004 median price decreased 2.9 percent compared to a revised $406,220 median price in January. "While demand for housing gives no indication of slowing down, the inventory of homes for sale continues to decline," said C.A.R. President Ann Pettijohn. "This dynamic is a key constraint in the housing market and why we're experiencing such dramatic price appreciation." Closed escrow sales of existing, single-family detached homes in California totaled 589,220 in February at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more t...