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C.A..R. REPORTS NEW RECORDS SET FOR SALES, MEDIAN PRICE IN DEC
| The median price of an existing home in California in December increased 19.4 percent and sales increased 11 percent compared to the same period a year ago, C.A.R. reported earlier this week. "The median price of a home in California topped $400,000 for the second time in 2003, hitting a record $404,520 last month," said C.A.R. President Ann Pettijohn. "Demand for homes continued unabated, propelled by mortgage rates that remained below 6 percent and an extremely low inventory of homes for sale." Closed escrow sales of existing, single-family detached homes in California totaled 637,080 in December 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 11 percent from the 573,790 sales pace recorded in December 2002. The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. |