Nil Erdal,Broker Associate DRE# 00968997

LOS ANGELES (March 25) ' The median price of an existing home in California in February increased 11.1 percent and sales decreased 7.1 percent compared to the same period a year ago, the California Association of REALTORS® reported today.

"The median price of a home in California continued to post impressive gains in most regions of the state last month. Statewide, sales declined 7.1 percent compared to February 2002, when sales hit a new record for the month," said C.A.R. President Toby Bradley. "Overall, the housing market continues to be a bright spot in the economy, especially in light of mixed economic indicators elsewhere and concerns about the conflict with Iraq."

Closed escrow sales of existing, single-family detached homes in California totaled 566,890 in February 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 decreased 7.1 percent from the 610,380 sales pace recorded in February 2002.

"Mortgage interest rates continue to play a key role in the housing market," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "While year-to-date sales are down compared to last years record pace, interest rates continue to make housing more affordable to a broader segment of the market."

The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the February 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 February 2003 was $327,600, an 11.1 percent increase over the revised $294,860 median for February 2002, C.A.R. reported. The February 2003 median price decreased 2.7 percent compared to January 2003.

Highlights of C.A.R.'s resale housing figures for February 2003:

·Â C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in February 2003 was 3.5 months, compared to 3.0 months (revised) 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.

·Â Thirty-year fixed mortgage