Magazine article Mortgage Banking

CA Median Home Price Soars

Magazine article Mortgage Banking

CA Median Home Price Soars

Article excerpt

ACCORDING TO THE CALIFORNIA ASSOCIATION of Realtors (C.A.R.), Los Angeles, the median price of an existing home in California in January increased 20.7 percent and sales increased 5.3 percent compared with the same period in 2003.

Closed escrow sales of existing, single-family detached homes in California totaled 615,660 in January at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations across California. Statewide home resale activity increased 5.3 percent from the 584,600 sales pace recorded in January 2003.

The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the January 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 January 2004 was $405,720, a 20.7 percent increase over the revised $336,210 median for January 2003, C.A.R. reported. The January 2004 median price increased 0.5 percent compared with a revised $403,570 median price in December.

According to C.A.R.'s resale housing figures for January 2004, C. …

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