Thursday August 19, 1:10 pm ET

LOS ANGELES, Aug. 19 /PRNewswire/ — The median price of an existing, single-family detached home in California set a new record during the second quarter of 2004 rising 25.3 percent to $461,730, the California Association of REALTORS® (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California amounted to 635,580 for the second quarter of 2004 at a seasonally adjusted annualized rate, a 10.4 percent increase from 575,910 in the second quarter of 2003.

C.A.R.’s Unsold Inventory Index for existing, single-family detached homes for the second quarter of 2004 was 1.9 months, compared to a revised 2.1 months 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 6.13 percent during the second quarter of 2004, up from 5.51 percent in the second quarter of 2003, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 3.88 percent in the second quarter of 2004, up from 3.66 percent in the second quarter of 2003.

The median number of days it took to sell a single-family home was 24 days in the second quarter of 2004, compared to a revised 27 days for the same period a year ago.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 99.1 percent or 443 of 447 cities and communities showed an increase in their respective median home prices in the second quarter of 2004 compared to 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=MzM5MzI=. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the quarter.)

Statewide, the 10 cities and communities with the highest median home prices in California during the second quarter of 2004 were: Beverly Hills, $1,410,000; Malibu, $1,400,000; Los Altos, $1,350,000; Manhattan Beach, $1,299,000; Laguna Beach, $1,250,000; Palos Verdes Estates, $1,200,000; Saratoga, $1,175,000; San Marino, $1,120,000; Burlingame, $1,097,500; Newport Beach, $1,075,000.

Statewide, the 10 cities and communities with the greatest median home price increases in the second quarter of 2004 compared to the same period a year ago were: Seaside, 61.4 percent; Fillmore, 57.8 percent; Imperial Beach, 52.9 percent; Malibu, 50.5 percent; Beverly Hills, 49.7 percent; Beaumont, 47.5 percent; Port Hueneme, 46.8 percent; Rancho Santa Margarita, 43.1 percent; San Fernando, 42.2 percent; Hesperia, 41.8 percent.

The California Association of REALTORS® (http://www.car.org) is one of the largest state trade organizations in the United States, with more than 135,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data and Condo Sales Data Not Seasonally Adjusted

Percent Percent Percent Percent
Change Change Change Change
2004 Q2 in Price in Price in Sales in Sales
from from from from
Median Prior Prior Prior Prior
Price Quarter Year Quarter Year
Q2/2004 Q1/2004 Q2/2003 Q1/2004 Q2/2003
Statewide
Calif. (sf) $461,730 13.1% 25.3% 6.2% 10.4%
Calif. (condo) $364,940 13.8% 29.2% 33.6% 17.3%
C.A.R. REGION
Central Valley $270,650 10.0% 22.7% 41.0% 24.3%
High Desert $213,080 15.0% 42.5% 23.4% 12.8%
Los Angeles $438,430 11.9% 30.4% 13.4% -6.9%
Monterey $616,950 10.4% 26.1% 54.2% 28.3%
Nor. Calif. $346,040 10.7% 24.4% 52.3% 28.8%
Nor. Wine
Country $492,900 7.5% 16.7% 49.5% 11.9%
Orange County $655,270 14.4% 38.7% 25.2% -6.5%
Palm Springs/
Lower Desert $353,110 15.1% 39.8% 35.9% 48.1%
Riverside/S.B. $294,470 13.7% 38.5% 18.5% 11.6%
Sacramento $308,630 11.0% 27.0% 43.0% 19.6%
San Diego $559,650 15.9% 37.5% 36.0% 10.6%
San Francisco
Bay $647,310 7.8% 15.5% 59.3% 18.7%
San Luis Obispo $426,110 3.9% 11.7% 40.6% 11.2%
Santa Barbara
County $573,800 23.0% 28.9% 13.3% 1.4%
Santa Barbara
South Coast $1,058,510 10.2% 26.2% 11.2% 3.4%
North Santa
Barbara County $374,410 7.8% 26.0% 8.8% 3.2%
Santa Clara $632,050 7.2% 14.6% 63.9% 42.3%
Ventura $618,260 17.4% 32.4% 33.2% -7.5%

Median Prices By Region - Last Quarter, Prior Quarter, and Year Ago
Quarter
Q2/2004 Q1/2004 Q2/2003
Statewide
California (sf) $461,730 $408,150 r $368,620 r
California (condo) $364,940 $320,650 r $282,460 r
C.A.R. REGION
Central Valley $270,650 $246,080 r $220,630 r
High Desert $213,080 $185,290 $149,550
Los Angeles $438,430 $391,960 r $336,220 r
Monterey $616,950 $558,690 $489,430
Northern California $346,040 $312,640 $278,080
Northern Wine Country $492,900 $458,330 $422,240
Orange County $655,270 $572,550 $472,460 r
Palm Sprgs/Lwr. Desert $353,110 $306,840 r $252,550 r
Riverside/S. Bernardino $294,470 $258,890 $212,560
Sacramento $308,630 $278,080 r $243,030 r
San Diego $559,650 $483,040 $406,950
San Francisco Bay $647,310 $600,480 r $560,240
San Luis Obispo $426,110 $410,150 $381,550
Santa Barbara County $573,800 $466,380 $445,000 r
Sta. Barbara So. Coast $1,058,510 $960,950 r $838,430 r
No. Sta. Barbara County $374,410 $347,240 $297,070
Santa Clara $632,050 $589,860 $551,460
Ventura $618,260 $526,720 $467,010

r = revised
Source: California Association of REALTORS(R)

——————————————————————
Source: California Association of REALTORS