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California Housing Report

For release:
Tuesday, Jan. 25, 2005

Median price of a home in California increases 18.1 percent in December to new record, sales up 1.4 percent, C.A.R. reports.

LOS ANGELES (Jan. 25) ' The median price of an existing home in California in December increased 18.1 percent and sales increased 1.4 percent compared with the same period a year ago, the California Association of REALTORS® (C.A.R.) reported today.

'Homebuyers concerned about future mortgage-rate increases flooded the market in December, driving the median price to an all-time high of $474,480,' said C.A.R. President Jim Hamilton. 'The median price increased by double-digits in every region of the state, with the High Desert, Riverside/San Bernardino, Sacramento, Santa Barbara and North Santa Barbara County regions posting increases of more than 30 percent.'

Closed escrow sales of existing, single-family detached homes in California totaled 645,860 in December 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 1.4 percent from the 637,080 sales pace recorded in December 2003.

The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the December 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 December 2004 was $474,480, an 18.1 percent increase over the revised $401,720 median for December 2003, C.A.R. reported. The December 2004 median price increased 0.5 percent compared with a revised $471,980 median price in November.

'After peaking in the middle of 2004, the number of homes for sale dropped again last month to a 2.8 month supply compared with 3.5 months in November,' said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. 'Despite having fewer homes to choose from, buyers are becoming more selective and are taking more time before making an offer on a home. The median number of days it took to sell a single-family home reached 43 days in December, compared to 27 days a year ago.'

Highlights of C.A.R.'s resale housing figures for December 2004:

. C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in December 2004 was 2.8 months, compared with 1.9 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.

Thirty-year fixed mortgage interest rates averaged 5.75 percent during December 2004, down from 5.88 percent in December 2003, according to Freddie Mac. Adjustable mortgage interest rates averaged 4.18 percent in December 2004 compared with 3.75 percent in December 2003.
The median number of days it took to sell a single-family home was 43 days in December 2004, compared with 27 days (revised) for the same period a year ago.

Regional MLS sales and price information is 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, 96.7 percent or 407 of 421 cities and communities 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 top 10 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. 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=MzQ2NDg=.

Statewide, the 10 cities and communities with the highest median home prices in California during December 2004 were: Los Altos, $1,485,000; Burlingame, $1,417,750; Beverly Hills, $1,275,000; Manhattan Beach, $1,250,000; Palos Verdes Estates, $1,117,500; Saratoga, $1,000,000; Hermosa Beach, $976,500; Newport Beach, $925,000; Calabasas, $915,000; Rancho Palos Verdes, $900,000..

Statewide, the 10 cities and communities with the greatest median home price increases in December 2004 compared with the same period a year ago were: Adelanto, 72.6 percent; Hesperia, 63.2 percent; Inglewood, 55.9 percent; Port Hueneme, 52.7 percent; Hercules, 49.3 percent; West Sacramento, 49.1 percent; Bellflower, 48.9 percent; San Bernardino, 48 percent; Victorville, 46.9 percent, Los Banos, 46.4 percent.

Leading the Way...' in California real estate for 100 years, the California Association of REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

December 2004 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted

December-04	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
�	�	�	�	�	�	�	�
�	Dec-04	Nov-04	�	Dec-03	�	Nov-04	Dec-03
Statewide	�	�	�	�	�	�	�
Calif. (sf)	$474,480	0.5%	�	18.1%	�	-1.0%	1.4%
Calif. (condo)	$391,050	3.4%	�	26.1%	�	9.1%	2.0%
�	�	�	�	�	�	�	�
Region	�	�	�	�	�	�	�
Central Valley	$302,920	0.6%	�	26.0%	�	13.0%	23.2%
High Desert	$244,410	-1.6%	�	42.2%	�	6.5%	11.2%
Los Angeles	$463,450	-2.4%	�	22.8%	�	7.8%	1.5%
Monterey Region	$631,000	-0.6%	�	23.0%	�	6.8%	9.2%
Monterey County	$589,000	-1.5%	�	25.3%	�	18.6%	21.3%
Santa Cruz County	$650,000	3.2%	�	18.3%	�	-6.6%	-5.3%
Northern California	$376,570	0.0%	�	24.7%	�	0.6%	6.5%
Northern Wine Country	$558,960	4.1%	�	24.6%	�	1.8%	8.8%
Orange County	$627,000	-1.0%	�	17.6%	�	7.5%	-4.4%
Palm Springs/Lwr. Desert	$341,320	4.6%	�	24.0%	�	-5.3%	7.9%
Riverside/San Bernardino	$327,210	1.6%	�	34.5%	�	20.7%	-4.9%
Sacramento	$347,790	0.5%	�	30.1%	�	9.9%	6.7%
San Diego	$577,040	2.2%	�	23.8%	�	9.7%	0.6%
San Francisco Bay	$658,910	-0.3%	�	13.2%	�	-9.6%	-11.8%
San Luis Obispo	$475,610	0.0%	�	15.0%	�	-2.8%	-18.5%
Santa Barbara County	$597,220	-10.7%	�	50.4%	�	3.7%	-3.9%
Santa Barbara S. Coast	$960,000	-20.0%	�	8.5%	�	-15.6%	-15.6%
No. Santa Barbara County	$451,060	5.0%	�	34.2%	�	16.2%	0.0%
Santa Clara	$660,000	1.7%	�	15.8%	�	-7.3%	-3.1%
Ventura	$612,460	2.8%	�	25.3%	�	1.8%	-11.2%

na ' not available
*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.

sf = single, family, detached home
Source: California Association of REALTORS®

Median Prices By Region - Current Month vs. Year Ago

	Dec-04	Nov-04	�	Dec-03	�
Statewide	�	�	�	�	�
Calif. (sf)	$474,480	$471,980	r	$401,720	r
Calif. (condo)	$391,050	$378,170	r	$310,050	r
�	�	�	�	�	�
Region	�	�	�	�	�
Central Valley	$302,920	$300,970	r	$240,440	r
High Desert	$244,410	$248,320	�	$171,900	�
Los Angeles	$463,450	$474,720	r	$377,500	r
Monterey Region	$631,000	$634,500	�	$513,020	�
Monterey County	$589,000	$598,000	�	$470,000	�
Santa Cruz County	$650,000	$630,000	�	$549,250	�
Northern California	$376,570	$376,620	�	$302,080	�
Northern Wine Country	$558,960	$536,980	�	$448,680	�
Orange County	$627,000	$633,340	�	$533,030	�
Palm Springs/Lwr. Desert	$341,320	$326,220	�	$275,360	r
Riverside/San Bernardino	$327,210	$321,950	�	$243,320	�
Sacramento	$347,790	$345,940	r	$267,320	r
San Diego	$577,040	$564,830	�	$466,030	�
San Francisco Bay	$658,910	$660,780	r	$582,320	�
San Luis Obispo	$475,610	$475,560	�	$413,640	�
Santa Barbara County	$597,220	$668,750	�	$397,100	�
S. Barbara South Coast	$960,000	$1,200,000	r	$885,000	�
North S. Barbara County	$451,060	$429,760	�	$336,230	�
Santa Clara	$660,000	$649,000	�	$570,000	�
Ventura	$612,460	$595,910	�	$488,700	r

na - not available
r - revised
Source: California Association of REALTORS®

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California Housing Report