C.A.R. REPORTS HOME SALES DECREASED 15.1 PERCENT IN MARCH
The median price of an existing single-family home in California increased 13 percent in March and sales decreased 15.1 percent compared with the same period a year ago, C.A.R. recently reported. "March is the month in which we typically see the market gear up for peak season activity, and this year is no exception," said C.A.R. President Vince Malta. "Seasonally adjusted statewide sales increased 4.9 percent compared with February and the statewide median rose 4.8 percent compared with the prior month. This is very similar to March 2005, when sales rose 4.4 percent month-to-month and the median price registered a 5.5 percent increase."
According to the report, the median price of an existing, single-family detached home in California during March 2006 was $561,350, a 13 percent increase over the revised $496,890 median for March 2005. The March 2006 median price increased 4.8 percent compared with February's revised $535,480 median price. Also in March, closed escrow sales of existing, single-family detached homes in California totaled 539,170, down 15.1 percent compared with the sales pace recorded one year earlier but up 4.9 percent from home resale activity in February.
Fast Facts Calif. median home price - March 06: $561,350 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region March 06:
Santa Barbara So. Coast $1,190,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region March 06:
High Desert $326,710 (Source: C.A.R.)
Mortgage rates - week ending 4/20:
30-yr. fixed: 6.53%; Fees/points: 0.6%
15-yr. fixed: 6.17%; Fees/points: 0.5%
1-yr. adjustable: 5.63%; Fees/points: 0.9%
(Source: Freddie Mac)
