Housing Bubble
California detached home price breaks record in Q4
February 14, 2003
The median price of an existing, single-family detached home in California hit a new record during the fourth quarter of 2002, rising 21.4 percent to $333,240, the California Association of REALTORS® (C.A.R.) and Real Estate Solutions, a real estate information service, reported today. For the year as a whole, the median price of an existing, single-family detached home was a new annual record at $315,870, a 20.4 percent increase compared to 2001.
Closed escrow sales of existing, single-family detached homes in California amounted to 565,050 for the fourth quarter of 2002 at a seasonally adjusted annualized rate, a 15.8 percent increase from 487,760 in the fourth quarter of 2001. Sales for all of 2002 increased 13.5 percent to 572,550 compared to 2001, when sales were 504,430.
C.A.R.'s Unsold Inventory Index for existing, single-family detached homes for the fourth quarter of 2002 was 2.8 months, compared to 3.4 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 6.07 percent during the fourth quarter of 2002, down from 6.78 percent in the fourth quarter of 2001, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 4.18 percent in the fourth quarter of 2002, down from 5.24 percent in the fourth quarter of 2001.
The median number of days it took to sell a single-family home was 27 days in the fourth quarter of 2002, compared to a revised 35 days for the same period a year ago.
2002 Q4 Percent Percent Percent Percent
Change in Change Change in Change in
Price in Price Sales Sales
from from from from
Median Prior Prior Prior Prior
Price Quarter Year Quarter Year
Q4/2002 Q3/2002 Q4/2001 Q3/2002 Q4/2001
Statewide
Calif.
(sf) $333,240 2.4% 21.4% 6.1% 15.8%
Calif.
(condo) $252,780 4.1% 21.4% -11.1% 20.7%
C.A.R. Region
Central
Valley $201,580 2.8% 23.9% -5.5% 14.1%
High Desert $138,520 4.9% 19.4% -7.3% 23.6%
Los Angeles $304,610 5.0% 19.8% -1.7% 20.6%
Monterey $449,390 -3.2% 9.5% -6.9% 31.6%
Nor. Calif. $247,380 2.4% 24.0% -7.6% 17.2%
Nor. Wine
Country $379,120 -1.1% 10.6% -12.5% 26.6%
Orange
County $434,610 -1.1% 20.4% -5.2% 10.6%
Palm Springs/
Lower Desert $232,770 7.7% 25.3% -11.6% 31.1%
Riverside/
S.B. $185,690 2.6% 14.6% -8.4% 4.5%
Sacramento $224,190 2.1% 26.6% -3.4% 14.9%
San Diego $379,320 0.0% 26.6% -8.0% 20.3%
San Francisco
Bay $516,410 -2.7% 11.3% -4.9% 19.9%
San Luis
Obispo $342,900 2.6% 20.2% -23.7% 3.6%
Santa Barbara
County $399,480 4.4% 29.2% -13.5% 4.4%
Santa Barbara
South Coast $615,700 2.2% 9.8% -15.8% -3.2%
North Santa
Barbara
County $282,580 4.8% 28.0% -11.3% 12.3%
Santa Clara $536,000 -2.8% 8.5% -3.9% 13.6%
Ventura n.a. n.a. n.a. n.a. n.a.
* Based on closed escrow sales of single-family, detached homes only (no
condos).Reported changes in sales activity may overstate actual changes
because of the small size of individual regional samples. Movements in
sales prices should not be interpreted as measuring changes in the cost of
a standard home.Prices are influenced by changes in cost and changes in
the characteristics and size of homes actually sold.
sf = single-family, detached home
Median Prices By C.A.R. Region -- Last Quarter, Prior Quarter,
and Year Ago Quarter
Q4/2002 Q3/2002 Q4/2001
Statewide
California (sf) $333,240 $323,600r $272,800r
California (condo) $252,780 $242,840r $208,250r
C.A.R. Region
Central Valley $201,580 $196,100r $162,700r
High Desert $138,520 $132,110 $116,040
Los Angeles $304,610 $290,020 $254,260
Monterey $449,390 $464,160 $410,510
Northern California $247,380 $241,470 $199,510
Northern Wine Country $379,120 $383,180 $342,930
Orange County $434,610 $439,410 $360,920
Palm Springs/Lwr. Desert $232,770 $216,070 $185,780
Riverside/San Bernardino $185,690 $180,980 $162,100
Sacramento $224,190 $219,600r $177,020r
San Diego $379,320 $379,170 $299,540
San Francisco Bay $516,410 $530,880 $463,930
San Luis Obispo $342,900 $334,110 $285,170
Santa Barbara County $399,480 $382,650 $309,170
Santa Barbara South Coast $615,700 $602,720 $560,990r
North Santa Barbara County $282,580 $269,560 $220,750
Santa Clara $536,000 $551,700 $494,000
Ventura n.a. $392,370 $329,350r
r = revised
REGIONAL SALES AND PRICE ACTIVITY*
Regional Sales Data and Condo Sales Data Not Seasonally Adjusted
Percent Percent
Change in Change in
Price from Sales from
2002 Median Price Prior Year Prior Year
2002 2001 2001
Statewide
Calif. (sf) $315,870 20.4% 13.5%
Calif. (condo) $241,630 18.4% 20.0%
C.A.R. Region
Central Valley $188,690 20.0% 3.2%
High Desert $129,570 16.0% 15.8%
Los Angeles $286,020 18.5% 10.6%
Monterey $451,220 5.9% 35.4%
Nor. Calif. $236,730 20.5% 13.6%
Nor. Wine Country $374,610 8.6% 28.8%
Orange County $412,650 16.0% 11.7%
Palm Springs/Lower Desert $223,420 23.4% 19.8%
Riverside/S.B. $176,460 12.6% 5.2%
Sacramento $209,500 21.0% 2.6%
San Diego $364,240 22.0% 19.9%
San Francisco Bay $517,060 8.6% 25.0%
San Luis Obispo $326,710 15.8% 7.6%
Santa Barbara County $375,140 11.8% 12.7%
Santa Clara $547,500 4.4% 33.9%
Ventura $372,750 15.6% 11.9%
* Based on closed escrow sales of single-family, detached homes only (no
condos). Reported changes in sales activity may overstate actual changes
because of the small size of individual regional samples. Movements in
sales prices should not be interpreted as measuring changes in the cost of
a standard home.Prices are influenced by changes in cost and changes in
the characteristics and size of homes actually sold.
sf = single-family, detached home
Median Price by C.A.R. Region 2002 2001
Statewide
California (sf) $315,870 $262,350r
California (condo) $241,630 $204,100r
C.A.R. Region
Central Valley $188,690 $157,250r
High Desert $129,570 $111,660r
Los Angeles $286,020 $241,370
Monterey $451,220 $426,270
Northern California $236,730 $196,510
Northern Wine Country $374,610 $344,800r
Orange County $412,650 $355,620
Palm Springs/Lwr. Desert $223,420 $180,990r
Riverside/San Bernardino $176,460 $156,690r
Sacramento $209,500 $173,150r
San Diego $364,240 $298,610
San Francisco Bay $517,060 $475,890r
San Luis Obispo $326,710 $282,170r
Santa Barbara County $375,140 $335,540
Santa Clara $547,500 $524,320
Ventura $372,750 $322,560r
r= revised
Source California Association of REALTORS®
