Industry News

California real estate prices, sales drop

Increased inventory eases price gains

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Although the median price of an existing home in California in September increased 21 percent from its year-ago level, prices retreated from August's high, the California Association of Realtors reported today. The median price of an existing, single-family detached home in California during September 2004 was $465,540, a 21 percent increase over the revised $384,690 median for September 2003, C.A.R. reported. The September 2004 median price decreased 1.7 percent compared with a revised $473,360 median price in August. Closed escrow sales of existing, single-family detached homes in California totaled 626,220 in September at a seasonally adjusted annualized rate, down 0.9 percent from the 631,880 sales pace recorded in September 2003. The statewide sales figure represents what the total number of homes sold during 2004 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 highe...