Printer Friendly

CALIFORNIA EXISTING HOME SALES EDGE UP DURING SEPTEMBER

 CALIFORNIA EXISTING HOME SALES EDGE UP DURING SEPTEMBER
 LOS ANGELES, Oct. 26 /PRNewswire/ -- The lowest mortgage interest rates in two decades helped sustain California's resale housing market during September, the California Association of REALTORS(R) (C.A.R.) reported.
 "Statewide home sales were up slightly, and several areas of the state experienced modest increases in sales during September," said C.A.R. President Chuck Lamb. "The Monterey, Orange County, San Diego, San Francisco Bay and Santa Clara regions were among areas that posted sales gains from August, September 1991 or, in some cases, from both periods," said Lamb, a San Fernando Valley REALTOR.
 Among elements of C.A.R.'s September resale housing report:
 -- Statewide, 374,220 existing, single-family detached homes closed escrow during September on a seasonally adjusted, annualized basis -- up 0.5 percent from a revised annualized rate of 372,530 homes sold in August.
 -- The September sales pace was down 3.6 percent from the revised September 1991 annualized rate, when 388,220 homes were sold.
 The annualized figure represents what would be the total number of homes sold during 1992 if sales occurred at the September pace throughout the year. It is adjusted to account for seasonal factors which influence home sales.
 -- The statewide median price of an existing, single-family detached home sold during September was $196,500, up 0.6 percent from a revised $195,370 in August.
 -- The September median price was down 0.7 percent from September 1991, when the median-priced home sold for a revised $197,800.
 A significant drop in listings and an increase in non-seasonally adjusted home sales, compared with August, combined to reduce the inventory of unsold homes during September, as measured by C.A.R.'s Unsold Inventory Index. The index indicates the number of months it would take to deplete the supply of homes on the market at the current rate of sales.
 -- The Unsold Inventory Index was 14.7 months in September, down from 15.4 months in August and 14.8 months in September 1991.
 -- Average fixed and adjustable mortgage interest rates dropped further during September. According to the Federal Home Loan Mortgage Corp., fixed mortgage interest rates averaged 7.92 percent in September, down from 7.97 percent in August. Adjustable mortgage interest rates averaged 5.09 percent in September, down from 5.27 percent in August.
 "Some potential homebuyers continue to hesitate to enter the housing market despite ultra-low mortgage interest rates and an abundant inventory," said Leslie Appleton-Young, C.A.R.'s vice president of research and economics. "Buyers will respond in force to the opportune housing environment when the economy and consumer confidence improve," said Appleton-Young.
 -- Statewide, closed escrow sales of existing condominiums fell 5.7 percent during September on a non-seasonally adjusted basis and were down 17.3 percent from September 1991.
 -- The median price of a resale condominium fell 4.8 percent from $147,840 in August to $140,770 in September. Last month's median condo price was down 4.0 percent from $146,590 in September 1991.
 -- The condo Unsold Inventory Index rose to 18.4 months in September, up from 17.5 months in August and 14.7 months in September 1991.
 Regional sales and price data are contained in the following charts. (Regional sales data are not adjusted to account for seasonal factors which influence home sales.)
 C.A.R.'s median price and sales data for detached homes are based on reports from 83 Boards of REALTORS around the state. Median condominium price and sales data are based on a survey of 32 boards. The median price for both detached homes and condominiums is based on closed escrow sales. Sales revisions reflect the re-seasonalization of monthly sales data using seasonal factors calculated with the 1979-1991 sales.
 The California Association of REALTORS is a statewide trade association with 126,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
 CALIFORNIA ASSOCIATION OF REALTORS
 September 1992 Regional Sales and Price Activity(a)
 Regional and Condo Sales Data Not Seasonally Adjusted
 Percent Percent Percent Percent
 Change Change Change Change
 in in in Sales in Sales
 Price Price Activity Activity
 Median from from from from
 Price Aug. 92 Sept. 91 Aug. 92 Sept. 91
 Calif. (sf) $196,500 0.6 pct -0.7 pct 0.5 pct -3.6 pct
 Calif. (condo) $140,770 -4.8 pct -4.0 pct -5.7 pct -17.3 pct
 Region
 Central Vly. $120,630 2.7 pct 3.6 pct -7.3 pct -6.6 pct
 High Desert(b) $113,330 4.4 pct 0.7 pct -2.4 pct -5.4 pct
 Los Angeles $206,600 -2.3 pct -8.3 pct 0.7 pct -4.3 pct
 Monterey $231,480 6.8 pct -0.1 pct 12.6 pct 25.2 pct
 Nor. Calif. $135,640 -1.3 pct 7.2 pct -3.1 pct 11.6 pct
 Nor. Wine Co. $191,750 -0.7 pct -2.1 pct 19.0 pct 33.0 pct
 Orange Co. $232,470 -0.3 pct -3.1 pct 9.7 pct 1.1 pct
 Palm Springs/
 Lower
 Desert(b) $131,760 0.9 pct 0.5 pct -11.3 pct -17.5 pct
 Riverside/S.B. $133,840 -1.1 pct -2.3 pct 1.3 pct -9.9 pct
 Sacramento(c) $132,000 -1.5 pct -2.2 pct -3.5 pct -3.8 pct
 San Diego $185,650 3.8 pct 2.5 pct 2.7 pct 11.4 pct
 S.F. Bay $254,740 -0.9 pct -0.6 pct -0.1 pct 11.5 pct
 Santa
 Barbara(b) $226,920 0.9 pct 21.6 pct -2.7 pct 14.5 pct
 Sta. Clara $244,750 0.8 pct -2.6 pct 4.1 pct 10.6 pct

 Ventura $223,130 -2.5 pct -6.5 pct -7.2 pct -3.1 pct
 (a) 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.
 (b) Because of the small sample size in these areas, prices and activity changes may be overemphasized.
 (c) Source: Sacramento Association of REALTORS
 sf - single-family detached home
 Source: California Association of REALTORS
 CALIFORNIA ASSOCIATION OF REALTORS
 A Comparison of Median Home Prices
 by Region for September 1992 and September 1991.
 September September
 1992 1991
 California (sf) $196,500 $197,800
 California (condo) $140,770 $146,600
 Region
 Central Valley $120,630 $116,400
 High Desert $113,330 $112,500
 Los Angeles $206,600 $225,300
 Monterey $231,480 $231,710
 Nor. California $135,640 $126,500
 Nor. Wine Country $191,750 $195,780
 Orange County $232,470 $239,870
 Palm Springs/Lwr. Desert $131,760 $131,050
 Riverside/San Bernardino $133,840 $137,020
 Sacramento $132,000 $135,000
 San Diego $185,650 $181,060
 San Francisco Bay $254,740 $256,230
 Santa Barbara $226,920 $186,670
 Santa Clara $244,750 $251,220
 Ventura $223,130 $238,520
 Source: California Association of REALTORS
 -0- 10/26/92
 /CONTACT: Lotus Lou or Jeff Hershberger of the California Association of REALTORS, 213-739-8304/ CO: California Association of REALTORS ST: California IN: FIN SU:


KJ-LS -- LA012 -- 4711 10/26/92 11:02 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1992
Words:1261
Previous Article:THE IMMUNE RESPONSE CORPORATION APPOINTS VICE PRESIDENT OF ADMINISTRATION
Next Article:KIRBY CORPORATION REPORTS THIRD QUARTER EARNINGS


Related Articles
CALIFORNIA EXISTING HOME SALES SLUGGISH DURING OCTOBER; CONDOMINIUM SALES, UNSOLD INVENTORY IMPROVE FROM SEPTEMBER'S LEVEL
CALIFORNIA EXISTING HOME SALES INCREASE FROM PRIOR MONTH, YEAR AGO; OCTOBER HOME SALES RISE IN MANY REGIONS; UNSOLD INVENTORY REDUCED
CALIFORNIA EXISTING HOME SALES INCREASE FROM YEAR AGO
CALIFORNIA EXISTING HOME SALES INCREASE DURING SEPTEMBER FOR SECOND CONSECUTIVE MONTH; YEAR-TO-DATE SALES UP SHARPLY FROM 1993
CALIFORNIA EXISTING HOME SALES INCREASE IN THIRD QUARTER FROM YEAR AGO; SALES FOR THE JULY-THROUGH-SEPT. PERIOD REACH HIGHEST LEVEL IN 5 YEARS
CALIFORNIA EXISTING HOME SALES HOLD STEADY DURING SEPTEMBER; MEDIAN HOME PRICES CONTINUE TO IMPROVE IN MANY AREAS
CALIFORNIA HOUSING MARKET JOINS STATE'S ECONOMIC RECOVERY DURING THIRD QUARTER
California Home Sales Up 9.3 Percent, Median Price Up 6.8 Percent in September, C.A.R. Reports.
Home Sales Up 12.8 Percent, Median Price Rose 9.2 Percent In September, C.A.R. Reports.
STATE HOME SALES RISE 15.5% : LOWER PRICES, IMPROVING ECONOMY CREDITED FOR INCREASE IN 3RD QUARTER.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters