Highlights of C.A.R.’s resale housing figures for July 2009:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months (revised) 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.
. Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.
. The median number of days it took to sell a single-family home was 39.9 days in July 2009, compared with 47.8 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 23 of the 398 cities and communities reporting showed an increase in their respective median home prices from 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. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for July may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://car.org/economics/historicalprices/2009medianprices/jul09medianprices
. Statewide, the 10 cities with the highest median home prices in California during July 2009 were: Los Altos, $1,425,500; Palo Alto, $1,363,000; Saratoga, $1,350,000; Newport Beach, $1,300,000; Manhattan Beach, $1,257,500; Burlingame, $1,250,000; Palos Verdes Estates, $1,132,000; Los Gatos, $1,085,000; Cupertino, $952,000; and Rancho Palos Verdes $945,000.
. Statewide, the cities with the greatest median home price increases in July 2009 compared with the same period a year ago were: Laguna Hills, 40.5 percent; Newport Beach, 13.5 percent; Moorpark, 11.2 percent; Poway, 10.8 percent; San Marcos, 8.6 percent; Emeryville, 7.6 percent; Santa Barbara, 6.3 percent; Arcadia, 5.8 percent; Big Bear Lake, 5.5 percent; and West Hollywood, 5 percent.
