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Median California Home Price $350,760 in JulyPOSTED August 30, 2008 LOS ANGELES -- Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent, according to the California Association of Realtors. "Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month," said C.A.R. President William E. Brown. "Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000 conforming loan limits likely had an impact on closed sales. "Year-to-year increases in the number of transactions ranged from a 6.7 percent increase in the San Francisco Bay Area to a 176.5 percent increase in the Riverside/San Bernardino region," he said. "In general, greater percentage gains occurred in lower-priced areas that had been most adversely affected by the market downturn since late 2005 and that are concurrently experiencing the biggest declines in prices." Closed escrow sales of existing, single-family detached homes in California totaled 489,080 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 increased 43.4 percent from the revised 341,130 sales pace recorded in July 2007. Sales in July 2008 increased 15.3 percent compared with the previous month. The statewide sales figure represents what the total number of homes sold during 2008 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 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007, C.A.R. reported. The July 2008 median price fell 4.5 percent compared with June's revised $367,130 median price. "Once again, the 40.3 percent year-to-year decrease in the median price of a home was an all-time record, surpassing the previous record set in June with a 37.9 percent decrease," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Since the statewide median remained in the $585,000-$595,000 range through August of last year, the market will continue to experience significant year-to-year adjustments through August even if the median price holds steady over the next few months," she said. "The statewide median was last in the $350,000 range in early 2003." Statewide, the 10 cities with the highest median home prices in California during July 2008 were: Manhattan Beach, $1,774,727; Los Gatos, $1,425,000; Mill Valley, $1,375,000; Burlingame, $1,294,000; Calabasas,$1,188,000; Newport Beach, $1,145,000; Cupertino, $1,041,250; Rancho Palos Verdes, $1,005,000; San Carlos, $975,000; Danville, $930,000. Statewide, the cities with the greatest median home price increases in July 2008 compared with the same period a year ago were: Los Gatos, 36.6 percent; Mill Valley, 28.6 percent; Manhattan Beach, 9 percent; Berkeley, 8.2 percent; Mountain View, 6.9 percent; Cupertino, 1.1 percent.
* Based on closed escrow sales of single-family, detached homes only (no condos). Reported month-to-month changes in sales activity in July 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.
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