FEBRUARY HOME PRICES & SALES
C.A.R. REPORTS MEDIAN HOME PRICE INCREASED 20.4 PERCENT IN FEBRUARY
The median price of an existing, single-family detached home in California during February was $471,620, a 20.4 percent increase over the revised $391,550 median for February 2004, C.A.R. reported today. The February 2005 median price decreased 2.9 percent compared with January’s $485,700 median price.
“February typically accounts for the smallest monthly share of annual sales in any given year, so we expected to see a slight dip compared with January,” said C.A.R. President Jim Hamilton. “Year-to-year, the median price continued its upward climb, increasing 20.4 percent compared with February 2004. While the number of homes available for sale has improved, the short supply of homes on the market contributed to price appreciation.”
Closed escrow sales of existing, single-family detached homes in California totaled 608,170 in February 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 3.2 percent from the 589,220 sales pace recorded in February 2004. The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
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