Industry News

Real estate prices up, sales down in California

Median home value climbed to $474,370 in August

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The median price of an existing home in California in August increased 16.8 percent while sales declined 8.5 percent compared to the same period a year ago, the California Association of Realtors reported today. Closed escrow sales of existing, single-family detached homes in California totaled 591,150 in August 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 8.5 percent from the 645,720 sales pace recorded in August 2003. "We anticipated a decrease in home sales last month compared to August 2003," said C.A.R. President Ann Pettijohn. "Last summer, mortgage interest rates were at their lowest levels in more than 30 years and monthly existing-home sales hit an annualized all-time high of nearly 646,000 units." The median price of an existing, single-family detached home in California during August 2004 was $474,370, a 16.8 percent increase over t...