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C.A.R. REPORTS HOME SALES UP 28 PERCENT, MEDIAN PRICE INCREASES 17.9 PERCENT IN SEPT
| The median price of an existing home in California in September increased 17.9 percent and sales increased 28 percent compared to the same period a year ago, C.A.R. reported Monday. "We're continuing to experience the impact of the recent rise in mortgage interest rates on home sales in California," said C.A.R. President Toby Bradley. "Although interest rates are still near their historic lows, the psychological impact of rising rates has created a heightened sense of urgency in the housing market." Closed escrow sales of existing, single-family detached homes in California totaled 631,880 in September at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 28 percent from the 493,800 sales pace recorded in September 2002. The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during September 2003 was $380,040, a 17.9 percent increase over the revised $322,450 median for September 2002, C.A.R. reported. The September 2003 median price decreased 5.0 percent compared to a revised $400,020 median price in August. |