Strong sales of higher-priced homes boosts California existing home sales in November, with median price of single-family detached home up 24.8% year-over-year to US$349,300: C.A.R.
Allison Oesterle
LOS ANGELES
,
December 18, 2012
(press release)
–
As the statewide median price continued to register double-digit gains from year-ago levels, strong sales of higher-priced homes led to a year-over-year increase in sales in California during November, the CALIFORNIA ASSOCIATION OF REALTORS® reported today.
November 2012 County Sales and Price Activity (Regional and condo sales data not seasonally adjusted) MTM%
“Housing markets with higher-priced homes performed better in November compared with lower-priced areas. The negative impact of a lean housing supply on home sales is becoming more apparent, especially in markets with more distressed properties,” said C.A.R. President Don Faught. “In lower-priced markets, home sales declined, whereas sales of mid- to higher-priced homes posted strong increases because there is a greater supply.”
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 518,290 units, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in November were down 4.9 percent from a revised 545,180 in October and up 2.7 percent from a revised 504,470 in November 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home increased 2.3 percent from October’s $341,370 median price to $349,300 in November. November’s price was up 24.8 percent from a revised $279,910 recorded in November 2011, marking the ninth consecutive month of annual price increases and the fifth consecutive month of double-digit annual gains. The year-to-year percentage increase was the largest since June 2004.
“California’s median home price continued to strengthen in November, marking its highest point since August 2008,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The significant increase in price was due in part to the change in the mix of sales. Coastal markets, which tend to have high-end properties, accounted for a larger share of total sales and led to strong price gains overall.
“As we approach the new year, it is likely that sales and price will remain solid moving forward, dependent upon the strength of the economy and if Congress preserves the valuable mortgage interest deduction all homeowners, especially those in California, depend on.”
Other key facts of C.A.R.’s November 2012 resale housing report include:
Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes in October may exhibit unusual fluctuation.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
November-12
Median Sold Price of Existing Single-Family Homes
State/Region/County
Nov-12
Oct-12
Nov-11
Chg
YTY% Chg
CA SFH (SAAR)
$349,300
$341,370
$279,910
r
2.3
%
24.8
%
CA Condo/Townhomes
$278,520
$267,010
$221,110
r
4.3
%
26.0
%
Los Angeles Metropolitan Area
$327,840
$318,660
$269,440
2.9
%
21.7
%
Inland Empire
$207,300
$198,100
$173,150
4.6
%
19.7
%
S.F. Bay Area
$588,800
$593,080
$467,680
-0.7
%
25.9
%
S.F. Bay Area
Alameda
$503,950
$535,620
$457,890
-5.9
%
10.1
%
Contra-Costa (Central County)
$614,330
$639,560
$520,830
-3.9
%
18.0
%
Marin
$837,840
$806,370
$736,410
3.9
%
13.8
%
Napa
$378,200
$426,190
$339,470
-11.3
%
11.4
%
San Francisco
$785,940
$767,860
$646,800
2.4
%
21.5
%
San Mateo
$755,000
$819,000
$735,000
-7.8
%
2.7
%
Santa Clara
$679,000
$688,000
$560,000
-1.3
%
21.3
%
Solano
$225,400
$220,560
$190,770
2.2
%
18.2
%
Sonoma
$380,800
$374,640
$321,290
1.6
%
18.5
%
Southern California
Los Angeles
$337,080
$364,810
$291,260
-7.6
%
15.7
%
Orange County
$565,020
$558,680
$487,610
1.1
%
15.9
%
Riverside County
$239,610
$230,730
$200,080
3.8
%
19.8
%
San Bernardino
$152,000
$148,480
$135,280
2.4
%
12.4
%
San Diego
$403,990
$395,470
$356,410
2.2
%
13.3
%
Ventura
$453,760
$416,350
$410,530
9.0
%
10.5
%
Central Coast
Monterey
$323,000
$315,000
$270,000
2.5
%
19.6
%
San Luis Obispo
$391,560
$395,140
$354,170
-0.9
%
10.6
%
Santa Barbara
$509,380
$529,600
$356,250
r
-3.8
%
43.0
%
Santa Cruz
$512,500
$499,500
$415,000
2.6
%
23.5
%
Central Valley
Fresno
$148,240
$151,850
$141,470
r
-2.4
%
4.8
%
Kern (Bakersfield)
$150,000
$155,000
$134,320
r
-3.2
%
11.7
%
Kings County
$139,230
$151,430
$152,860
r
-8.1
%
-8.9
%
Madera
$113,330
$140,000
$103,330
-19.1
%
9.7
%
Merced
$142,000
$123,000
$117,000
15.4
%
21.4
%
Placer County
$306,590
$300,440
$258,930
r
2.0
%
18.4
%
Sacramento
$194,700
$189,800
$164,700
r
2.6
%
18.2
%
San Benito
$365,000
$280,000
$245,000
30.4
%
49.0
%
San Joaquin
$177,660
$179,570
$154,730
-1.1
%
14.8
%
Stanislaus
$155,760
$151,360
$136,580
2.9
%
14.0
%
Tulare
$138,080
$142,500
$126,670
-3.1
%
9.0
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