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C.A.R. REPORTS MEDIAN PRICE UP 17.8 PERCENT,
SALES INCREASE 15.7 PERCENT IN NOVEMBER
| The median price of an existing home in California in November increased 17.8 percent and sales increased 15.7 percent compared to the same period a year ago, C.A.R. reported Tuesday. "The California housing market continues to surge forward as we approach the end of 2003," said C.A.R. President Ann Pettijohn. "Mortgage interest rates have hovered below 6 percent - a boon to the housing market under any circumstance, and a major factor contributing to the record performance thus far this year." Closed escrow sales of existing, single-family detached homes in California totaled 627,190 in November 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 15.7 percent from the 542,120 sales pace recorded in November 2002. The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the November 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 November 2003 was $386,760, a 17.8 percent increase over the revised $328,440 median for November 2002, C.A.R. reported. The November 2003 median price increased 1.7 percent compared to a revised $380,350 median price in October. |