STATE'S HOME MARKET SIZZLES.Byline: Gregory J. Wilcox Staff Writer California's residential real estate market remained hot in November, with sales staying on track for a record and the median price jumping 17.8 percent, to $386,760, a trade group said Tuesday. If this year's market matched November's pace, there would be a record 627,190 sales of previously owned, single-family homes, said the Los Angeles-based California Association of Realtors. ``The California housing market continues to surge forward as we approach the end of 2003,'' association President Ann Pettijohn said in a statement. ``Mortgage interest rates have hovered below 6 percent - a boon to the housing market under any circumstance, and a major factor contributing to the record performance thus far this year.'' Of the 10 communities with the highest median price in the state last month, seven were in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, : Palos Verdes Estates Palos Verdes Estates (păl`əs vûr`dēz), city (1990 pop. 13,512), Los Angeles co., S Calif.; inc. 1939. It is a residential community. , $1.2 million; Laguna Beach Laguna Beach (ləg  `nə), city (1990 pop. 23,170), Orange co., S Calif., on the Pacific coast; founded 1887, inc. 1927. , $1.13 million; Malibu, $1.12 million; Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , $1.01 million; Manhattan Beach Manhattan Beach, city (1990 pop. 32,063), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1912. It is a residential and beach community with an oil refinery and nearby factories that produce transportation and electrical equipment, computers, and pottery. , $1 million; Rancho Palos Verdes Rancho Pal·os Ver·des A city of southern California on a channel of the Pacific Ocean west of Long Beach. Population: 42,100. , $822,500; and Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , $794,500. Most of the 10 biggest gains in the median price were also in Southern California, including Glendale with an increase of 41.9 percent. The association notes that some of the variations in median home prices could be exaggerated due to changes in housing demand such as more expensive homes being sold as buyers trade up and take advantage of their equity. In Southern California during November: --In Los Angeles County, the median price increased 23.2 percent, to $382,190; sales increased an annual 5.6 percent. --In the Inland Empire, the median price increased 23.9 percent, to $235,150; sales increased 8.9 percent. --In Ventura County, the median price increased 22.6 percent, to $475,000; sales fell 8.2 percent. ``I think the housing market continues to go against expectations,'' said Jack Kyser, chief economist at the Los Angeles County Economic Development Corp. ``This market just continues to amaze us and it's good news. When someone buys a house a month or two later it generates a lot of spending.'' Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
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