adios
06-28-2004, 03:48 PM
This does seem crazy. I don't think it's valid to extrapolate the real-estate market in California to the rest of the country though. I remember one poster on this forum mentioning his investing in California real-estate awhile back. He must be grinning ear-to-ear.
Median Price of a Home in California Increases 26.5 Percent in May To New Record (http://www.rismedia.com/index.php/article/articleview/6923/1/1/)
Median Price of a Home in California Increases 26.5 Percent in May To New Record
RISMEDIA, June 28– The median price of an existing home in California in May increased 26.5 percent and sales increased 10.5 percent compared to the same period a year ago, according to the California Association of Realtors (C.A.R.).
"The real estate market has kicked into high gear with the prime summer selling season underway," said C.A.R. President Ann Pettijohn.
"The up-tick in mortgage interest rates has only accelerated the demand for housing in California," she added. "The median price posted the greatest percentage increase on record, pushing the median price to a new high of $465,160."
Closed escrow sales of existing, single-family detached homes in California totaled 632,380 in May 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 10.5 percent from the 572,260 sales pace recorded in May 2003.
The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the May 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 May 2004 was $465,160, a 26.5 percent increase over the revised $367,630 median for May 2003, C.A.R. reported. The May 2004 median price increased 2.9 percent compared to a revised $452,270 median price in April.
"Year-to-date sales increased 6.7 percent compared to the same period in 2003," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "However, rising mortgage interest rates will result in slightly slowing sales for the remainder of the year compared to the first half of 2004."
Highlights of C.A.R.’s resale housing figures for May 2004:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2004 was 2.2 months, compared to 2.3 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 6.27 percent during May 2004, up from 5.48 percent in May 2003, according to Freddie Mac. Adjustable mortgage interest rates averaged 3.88 percent in May 2004 compared to 3.66 percent in May 2003.
The median number of days it took to sell a single-family home was 24 days in May 2004, compared to 27 days (revised) for the same period a year ago.
Median Price of a Home in California Increases 26.5 Percent in May To New Record (http://www.rismedia.com/index.php/article/articleview/6923/1/1/)
Median Price of a Home in California Increases 26.5 Percent in May To New Record
RISMEDIA, June 28– The median price of an existing home in California in May increased 26.5 percent and sales increased 10.5 percent compared to the same period a year ago, according to the California Association of Realtors (C.A.R.).
"The real estate market has kicked into high gear with the prime summer selling season underway," said C.A.R. President Ann Pettijohn.
"The up-tick in mortgage interest rates has only accelerated the demand for housing in California," she added. "The median price posted the greatest percentage increase on record, pushing the median price to a new high of $465,160."
Closed escrow sales of existing, single-family detached homes in California totaled 632,380 in May 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 10.5 percent from the 572,260 sales pace recorded in May 2003.
The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the May 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 May 2004 was $465,160, a 26.5 percent increase over the revised $367,630 median for May 2003, C.A.R. reported. The May 2004 median price increased 2.9 percent compared to a revised $452,270 median price in April.
"Year-to-date sales increased 6.7 percent compared to the same period in 2003," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "However, rising mortgage interest rates will result in slightly slowing sales for the remainder of the year compared to the first half of 2004."
Highlights of C.A.R.’s resale housing figures for May 2004:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2004 was 2.2 months, compared to 2.3 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 6.27 percent during May 2004, up from 5.48 percent in May 2003, according to Freddie Mac. Adjustable mortgage interest rates averaged 3.88 percent in May 2004 compared to 3.66 percent in May 2003.
The median number of days it took to sell a single-family home was 24 days in May 2004, compared to 27 days (revised) for the same period a year ago.