C.A.R. reports April home sales increased 49.2%, median home price declined 36.5%

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LOS ANGELES (May 28, 2009) – Home sales increased 49.2 percent in April in California compared with the same period a year ago, while the median price of an existing home declined 36.5 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“With annualized sales at 540,360 units, April marked the eighth consecutive month of home sales above the 500,000 level,” said C.A.R. President James Liptak.

“Regional sales were impacted by the state’s two-tier market,” he said. “Inventory levels for homes in the under $500,000 segment shrank to 2.7 months in April, compared with 9.8 months a year ago, while unsold inventory in the more than $1 million segment rose to 17.2 months, compared with 10.3 months in April 2008.

“The dramatic difference in inventory exemplifies how the low end of the market is attracting more first-time buyers and investors, creating a shortage of distressed properties for sale,” he added.

Closed escrow sales of existing, single-family detached homes in California totaled 540,360 in April 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 increased 49.2 percent from the revised 362,170 sales pace recorded in April 2008. Sales in April 2009 increased 3.2 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during April 2009 was $256,700, a 36.5 percent decrease from the revised $404,470 median for April 2008, C.A.R. reported. The April 2009 median price rose 1.4 percent compared with March’s $253,040 median price.

“The statewide median price has increased for two consecutive months, and the nine-month string of year-to-year price declines in the 40-percent range has ended,” said C.A.R.’s Chief Economist Leslie Appleton-Young. “It appears that the median price is now at or near the bottom.

“Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 69 percent, enabling many to take advantage of first-time buyer programs and near record-low interest rates,” said Appleton-Young. The jumbo loan market, however, continues to be starved for financing, constraining sales for the high-end segment.”

Highlights of C.A.R.’s resale housing figures for April 2009:

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, six of the 348 cities and communities reporting showed an increase in their respective median home prices from 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. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

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.

Statewide, the 10 cities and communities with the highest median home prices in California during January 2009 were:

Santa Barbara $870,000
Los Gatos $870,000
Newport Beach $853,500
Santa Monica $820,000
Cupertino $811,000
Danville $725,000
Arcadia $686,090
Redondo Beach $660,000
San Clemente $659,500
San Ramon $630,000
San Francisco $625,000

Statewide, the cities with the greatest median home price increases in April 2009 compared with the same period a year ago were:

Laguna Hills@23 1%
Encinitas@1 1%
Alhambra@0 5%

April 2009 Regional Sales and Price Activity*

*Regional Sales Data and Condo Sales Data Not Seasonally Adjusted

April-09

Median Price

Percent Change in Price from Prior Month

Percent Change in Price from Prior Year

Percent Change in Sales from Prior Month

Percent Change in Sales from Prior Year

  

Apr-09

Mar-09

 

Apr-08

 

Mar-09

Apr-08

Statewide

  

  

Calif. (sf)

$256,700

1.4%

-36.5%

3.2%

49.2%

Calif. (condo)

$225,320

3.4%

-38.0%

6.4%

36.8%

  

  

C.A.R. Region

 

  

  

  

High Desert

$106,530

-7.1%

-49.5%

11.0%

146.9%

Los Angeles

$300,690

1.9%

-31.0%

9.7%

43.1%

Monterey Region

$244,520

0.2%

-50.6%

-1.2%

64.3%

Monterey County

$212,000

-2.3%

-47.0%

-6.5%

92.3%

Santa Cruz County

$425,000

6.3%

-37.0%

18.0%

15.9%

Northern California

$263,350

3.1%

-18.6%

2.9%

-6.9%

Northern Wine Country

$320,000

-3.9%

-29.5%

11.1%

30.5%

Orange County

$432,110

-2.8%

-26.7%

-1.6%

13.3%

Palm Springs/Lower Desert

$150,140

-4.8%

-50.6%

11.7%

47.4%

Riverside/San Bernardino

$156,840

-6.3%

-43.7%

-0.9%

99.4%

Sacramento

$167,340

-1.2%

-29.1%

-1.2%

17.6%

San Diego

$340,190

5.2%

-23.3%

-2.1%

62.6%

San Francisco Bay

$441,000

9.2%

-36.3%

15.2%

16.5%

San Luis Obispo

$338,160

-6.0%

-24.9%

1.2%

-11.9%

Santa Barbara County

$382,350

31.3%

-27.6%

10.8%

-4.9%

Santa Barbara South Coast

$840,000

5.3%

-28.2%

32.0%

-14.3%

North Santa Barbara County

$244,440

7.2%

-19.0%

-4.3%

3.5%

Santa Clara

$465,000

3.6%

-38.2%

30.5%

40.7%

Ventura

$394,540

8.1%

-20.5%

-9.7%

12.0%

Note: Santa Barbara County and Monterey County median prices decreased significantly from Sep 07 due mainly to high proportion of total sales from lower properties in the regions.

* Based on closed escrow sales of single‑family, detached homes only (no condos).  Reported month‑to‑month 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.

Median Prices By Region - Current Month vs. Year Ago

 

Apr-09

Mar-09

 

Apr-08

 

Statewide

 

 

 

 

 

Calif. (sf)

$256,700

$253,040

$404,470

r

Calif. (condo)

$225,320

$218,010

$363,660

r

  

C.A.R. Region

  

 

 

 

 

  

High Desert

$106,530

$114,670

$210,860

Los Angeles

$300,690

$295,100

$435,980

Monterey Region

$244,520

$243,920

$495,240

Monterey County

$212,000

$217,000

$399,900

Santa Cruz County

$425,000

$400,000

$675,000

Northern California

$263,350

$255,520

$323,650

r

Northern Wine Country

$320,000

$332,990

$454,210

Orange County

$432,110

$444,520

$589,520

r

Palm Springs/Lower Desert

$150,140

$157,660

$304,020

Riverside/San Bernardino

$156,840

$167,340

$278,800

Sacramento

$167,340

$169,300

$235,940

San Diego

$340,190

$323,320

$443,520

San Francisco Bay

$441,000

$403,780

$691,930

San Luis Obispo

$338,160

$359,680

$450,000

Santa Barbara County

$382,350

$291,250

$527,780

Santa Barbara South Coast

$840,000

$797,500

r

$1,170,000

r

North Santa Barbara County

$244,440

$228,120

$301,850

Santa Clara

$465,000

$448,750

$752,500

Ventura

$394,540

$364,920

$496,530

sf = single‑family, detached home
r - revised
na - not available

Source: California Association of REALTORS®

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