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California median house price sets new record.

THE MEDIAN PRICE OF AN EXISTING, SINGLE-family detached home in California hit a new record during the third quarter of 2003, rising 20 percent to $386,340, according to the California Association of REALTORS[R] (C.A.R.), Los Angeles.

Closed escrow sales of existing, single-family detached homes in California amounted to 624,490 for third-quarter 2003 at a seasonally adjusted annualized rate, a 17.3 percent increase from 532,460 in third-quarter 2002.

C.A.R.'s Unsold Inventory Index for existing, single-family detached homes for the third quarter of 2003 was 2.2 months, compared with 2.8 months for the same period in 2002. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

The median number of days it took to sell a single-family home in California was 26 days in the third quarter of 2003, compared with 24 days for the same period a year ago.

Additionally, in a report covering more localized statistics generated by C.A.R. and San Diego-based DataQuick Information Systems, 96.7 percent, or 441 of 456, California cities and communities showed an increase in their respective median home prices during the third quarter of 2003 compared with the same period a year ago. DataQuick statistics are based on county records data rather than multiple listing service (MLS) information.

The 10 cities and communities with the highest median home prices in California during third-quarter 2003 were: Malibu, $1,239,500; Belvedere/Tiburon, $1,225,000; Los Altos, $1,100,000; Manhattan Beach, $1,080,000; Palos Verdes Estates, $1,050,000; Beverly Hills, $1,000,000; Laguna Beach, $1,000,000; Saratoga, $995,000; Coronado, $970,000; and Pebble Beach, $945,000.

The 10 California cities and communities with the largest annual increase in their respective median home prices during the third quarter 2003 compared with the same period in 2002 were: Malibu, 57.9 percent; Sanger, 57.2 percent; San Juan Capistrano, 39.1 percent; Atascadero, 38.6 percent; Artesia, 36.9 percent; San Fernando, 36 percent; Desert Hot Springs, 35.1 percent; Laguna Hills, 34.6 percent; Fontana, 33.5 percent; and California City, 32.2 percent.

Localized data for California median home prices collected by C.A.R. and DataQuick is available at:
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Title Annotation:California Association of Realtors reports
Publication:Mortgage Banking
Geographic Code:1U9CA
Date:Dec 1, 2003
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