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Connie Landes
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| HOME|MONTHLY TRENDS|CITY GUIDES|BUYING|SELLING|SCHOOLS|MLS | |
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Annual graphs showing prices and sales trends since 1997.
The California Association of Realtors monthly statistics.
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| This information is brought to you by The Real Estate Report. http://rereport.com/ |
LOS ANGELES (August 27, 2007) –Home sales decreased 22.7 percent in July in California compared with the same period a year ago, while the median price of an existing home increased 3.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“The decline in sales we experienced in July continues to be driven by both tighter underwriting standards since the start of the year and the adverse psychological impact of news and information regarding increases in foreclosures and the subprime situation,” said C.A.R. President Colleen Badagliacco. “Although the median price posted an increase statewide, there is a disparity between the lower-priced or entry-level markets where prices generally are soft at best and sales have declined sharply, and some higher priced markets that continue to experience price appreciation along with somewhat smaller decreases in sales.”
Closed escrow sales of existing, single-family detached homes in California totaled 350,980 in July 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 22.7 percent from the 453,980 sales pace recorded in July 2006.
The statewide sales figure represents what the total number of homes sold during 2007 would be if sales maintained the July 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 July 2007 was $586,030, a 3.2 percent increase over the revised $567,860 median for July 2006, C.A.R. reported. The July 2007 median price decreased 1.4 percent compared with June’s revised $594,280 median price.
“With credit drying up in recent weeks, we expect further weakness in sales over the next few months,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “It is too early to say how long the current credit crunch will continue, but we are hopeful that we will avoid a prolonged credit crisis that might cause sales to decline over a longer period of time.
“It is important to note that decline in sales is not driven by weakening economic conditions,” she said. “Rather, the statewide and national economies continue to move forward, with no recession on the horizon at this point in time.”
Highlights of C.A.R.’s resale housing figures for July 2007:
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, 29.6 percent, or 110 out of 371 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.
Statewide, the 10 cities and communities with the highest median home prices in California during July 2007 were:
| Los Altos | $1,783,000 |
| Manhattan Beach | $1,628,500 |
| Burlingame | $1,500,000 |
| Newport Beach | $1,450,000 |
| Saratoga | $1,414,000 |
| Palos Verdes Estates | $1,386,500 |
| Lafayette | $1,274,500 |
| Orinda | $1,242,500 |
| Calabasas | $1,220,000 |
| Rancho Palos Verdes | $1,135,000 |
Statewide, the 10 cities and communities with the greatest median home price increases in July 2007 compared to the same period a year ago were:
| Novato | 19% |
| Culver City | 18% |
| Ridgecrest | 14.2% |
| Glendale | 12.4% |
| Manhattan Beach | 11.7% |
| San Marcos | 11.2% |
| Redondo Beach | 11% |
| Yorba Linda | 10.3% |
| Los Angeles | 9.9% |
| Saratoga | 9.6%. |
*Regional Sales Data and Condo Sales Data Not Seasonally Adjusted
| 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 |
|
| Jul-07 | Jun-07 | Jul-06 | Jun-07 | Jul-06 | |
| Statewide | |||||
| Calif. (sf) | $586,030 | -1.40% | 3.20% | -3.70% | -22.70% |
| Calif. (condo) | $434,640 | -1.80% | 2.40% | -13.00% | -15.40% |
| Region | |||||
| Central Valley | $326,600 | -1.00% | -7.70% | -6.50% | -27.00% |
| High Desert | $296,220 | -3.30% | -11.10% | -8.50% | -50.10% |
| Los Angeles | $592,300 | 0.50% | 1.90% | -11.90% | -12.40% |
| Monterey Region | $747,620 | -0.20% | 2.70% | -0.40% | -11.80% |
| Monterey County | $685,000 | -4.20% | 3.90% | 15.60% | -19.40% |
| Santa Cruz County | $780,000 | 0.00% | 0.60% | -12.30% | -2.70% |
| Northern California | $386,030 | -1.60% | -9.90% | -4.20% | 1.00% |
| Northern Wine Country | $609,780 | -3.90% | -3.20% | -12.50% | -13.00% |
| Orange County | $709,720 | -2.00% | -0.20% | -0.50% | -10.00% |
| Palm Springs/Lower Desert | $378,310 | -3.90% | 5.80% | -6.60% | -23.80% |
| Riverside/San Bernardino | $393,070 | 0.70% | -3.90% | -12.50% | -40.30% |
| Sacramento | $346,220 | -1.50% | -8.40% | -10.20% | -23.70% |
| San Diego | $601,730 | -2.80% | -1.70% | -14.70% | -13.80% |
| San Francisco Bay | $841,660 | -0.10% | 6.90% | -7.30% | -9.80% |
| San Luis Obispo | $584,510 | -6.50% | 1.70% | -18.70% | 4.90% |
| Santa Barbara County | $886,720 | 10.80% | 36.70% | -15.60% | -14.00% |
| Santa Barbara South Coast | $1,100,000 | -19.70% | 4.80% | -5.40% | 27.50% |
| North Santa Barbara County | $386,110 | -8.50% | -15.20% | -31.90% | -46.60% |
| Santa Clara | $856,500 | -1.00% | 6.40% | -10.10% | -9.80% |
| Ventura | $682,930 | -1.40% | -3.20% | -12.20% | -17.80% |
* 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.
| Jul-07 | Jun-07 | Jul-06 | ||
| Statewide | ||||
| Calif. (sf) | $586,030 | $594,280 | $567,860 | r |
| Calif. (condo) | $434,640 | $442,670 | $424,390 | r |
| Region | ||||
| Central Valley | $326,600 | $329,960 | $353,820 | r |
| High Desert | $296,220 | $306,310 | $333,330 | |
| Los Angeles | $592,300 | $589,150 | $581,140 | |
| Monterey Region | $747,620 | $748,770 | $727,740 | |
| Monterey County | $685,000 | $715,000 | $659,000 | |
| Santa Cruz County | $780,000 | $780,000 | $775,000 | |
| Northern California | $386,030 | $392,360 | $428,570 | |
| Northern Wine Country | $609,780 | $634,480 | $629,790 | |
| Orange County | $709,720 | $723,860 | $710,920 | |
| Palm Springs/Lower Desert | $378,310 | $393,750 | $357,720 | |
| Riverside/San Bernardino | $393,070 | $390,230 | $409,090 | |
| Sacramento | $346,220 | $351,620 | $377,760 | r |
| San Diego | $601,730 | $619,180 | $612,000 | |
| San Francisco Bay | $841,660 | $842,600 | $787,540 | r |
| San Luis Obispo | $584,510 | $625,000 | $574,560 | |
| Santa Barbara County | $886,720 | $800,000 | $648,810 | r |
| Santa Barbara South Coast | $1,100,000 | $1,370,000 | $1,050,000 | |
| North Santa Barbara County | $386,110 | $422,000 | $455,100 | |
| Santa Clara | $856,500 | $865,000 | $805,000 | |
| Ventura | $682,930 | $692,730 | $705,260 |
sf = single‑family, detached home
r - revised
na - not available
Source: California Association of REALTORS®
This information is brought to you by The Real Estate Report.http://rereport.com/
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Connie Landes
Coldwell Banker Residential Brokerage
824B Mission Street
Santa Cruz, CA 95060
(831) 420-2619
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