Magazine article Mortgage Banking

California Median Price Posts 21.4 Percent Gain. (Business Alert)

Magazine article Mortgage Banking

California Median Price Posts 21.4 Percent Gain. (Business Alert)

Article excerpt

ACCORDING TO THE CALIFORNIA ASSOCIATION of Realtors (C.A.R.), Los Angeles, and Real Estate Solutions, the median price of an existing, single-family detached home in California hit a new record during the fourth quarter of 2002, rising 21.4 percent to $333,240. For the year as a whole, the median price of an existing, single-family detached home was a new annual record at $315,870, a 20.4 percent increase compared with 2001.

Closed escrow sales of existing, single-family detached homes in California amounted to 565,050 for the fourth quarter of 2002 at a seasonally adjusted annualized rate, a 15.8 percent increase from 487,760 in the fourth quarter of 2001. Sales for all of 2002 increased 13.5 percent to 572,550 compared with 2001, when sales were 504,430.

C.A.R.'s Unsold Inventory Index for existing, single-family detached homes for the fourth quarter of 2002 was 2.8 months, compared with 3.4 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-rate mortgage interest rates averaged 6. …

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