|
The median price of an existing home in California in February increased 11.1 percent while sales decreased 7.1 percent, compared to the same period a year ago, according to the California Association of Realtors. Saratoga maintained its spot in the top 10 list of highest median home prices in the state.
Statewide, the 10 cities and communities with the highest median home prices in California during February 2003 were: Newport Coast, $1,059,000; Manhattan Beach, $1,045,000; Beverly Hills, $925,000; Burlingame, $900,000; Coronado, $862,000; Saratoga, $860,000; Pacific Palisades, $811,750; La Jolla, $794,250; Laguna Beach, $755,000; Millbrae, $750,000.
"The median price of a home in California continued to post impressive gains in most regions of the state last month. Statewide, sales declined 7.1 percent compared to February 2002, when sales hit a new record for the month," said California Association of Realtors President Toby Bradley. "Overall, the housing market continues to be a bright spot in the economy, especially in light of mixed economic indicators elsewhere and concerns about the conflict with Iraq."
Closed escrow sales of existing, single-family detached homes in California totaled 566,890 in February at a seasonally adjusted annualized rate, according to information collected from more than 90 local Realtors associations statewide. Statewide home resale activity decreased 7.1 percent from the 610,380 sales pace recorded in February 2002.
"Mortgage interest rates continue to play a key role in the housing market," said California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young. "While year-to-date sales are down compared to last year's record pace, interest rates continue to make housing more affordable to a broader segment of the market."
The median price of an existing, single-family detached home in California during February 2003 was $327,600, an 11.1 percent increase over the revised $294,860 median for February 2002.
Thirty-year fixed mortgage interest rates averaged 5.84 percent during February 2003, down from 6.84 percent in February 2002, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 3.86 percent in February 2003, compared to 4.98 percent in February 2002.
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.
|
