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The median price of an existing, single-family detached home in California hit a new record during the third quarter of 2002, rising 19.3 percent to $323.870, according to the California Association of Realtors and Real Estate Solutions, a real estate information service.
Saratoga made the top 10 list of highest median home prices in California during the third quarter. The 10 cities and communities with the highest median home prices in California during the third quarter of 2002 were: Hillsborough, $1,850,000; Belvedere/Tiburon, $1,227,500; Los Altos, $1,147,500; Saratoga, $907,000; Palos Verdes Estates, $899,000; Beverly Hills, $892,500; Malibu, $890,000; Pacific Palisades, $870,000; Manhattan Beach, $850,000; San Marino, $808,000.
Closed escrow sales of existing, single-family detached homes in California amounted to 532,460 for the third quarter of 2002 at a seasonally adjusted annualized rate, a 3.1 percent increase from 516,490 in the third quarter of 2001.
Thirty-year fixed mortgage interest rates averaged 6.29 percent during the third quarter of 2002, down from 6.97 percent in the third quarter of 2001, according to the Federal Home Loan Mortgage Corporation. Adjustable mortgage interest rates averaged 4.39 percent in the third quarter of 2002, down from 5.66 percent in the third quarter of 2001.
The median number of days it took to sell a single-family home was 24 days in the third quarter of 2002, compared to 29 days for the same period a year ago.
Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to jnewton@jnpr.com.
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