With a median home price of $995,000 for the third quarter of 2003, Saratoga was up from the same period in 2002, when the median price was $931,000. Los Gatos had a median price of $737,000 for third quarter 2003, up from $730,000 during the same period last year.

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

The California Association of Realtors Unsold Inventory Index for existing, single-family detached homes for the third quarter of 2003 was 2.2 months, compared to 2.8 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

The Federal Home Loan Mortgage Corp. reported that 30-year fixed mortgage interest rates averaged 6.06 percent during the third quarter of 2003, down from 6.29 percent in the third quarter of 2002. Adjustable mortgage interest rates averaged 3.76 percent in the third quarter of 2003, down from 4.39 percent in the third quarter of 2002.

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

The Multiple Listing Service median price and sales data for detached homes is generated from a survey of more than 90 associations of Realtors throughout the state. Regional sales data is not adjusted to account for seasonal factors that can influence home sales.

In a separate report covering more localized statistics generated by the association and 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 to the same period a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates.

When there are large changes in local median home prices, the figures typically indicate both local home price appreciation and, often, large shifts in the composition of housing market activity.

The 10 cities and communities with the highest median home prices in California during the 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; Pebble Beach, $945,000.

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.