May 15, 2003
Valley Area Home
Howard Hobbs PhD, Real
FRESNO -- The median
price of an existing, single-family detached home in California
hit a new record during the first quarter of 2003, rising 14.3 percent
to $337,780, the California Association of Realtors reported today.
Closed sales of existing, single family
detached homes in California amounted to 573,030 for the first quarter
of 2003 at a seasonally adjusted annualized rate, a 3.5 percent
decrease from 593,620 in the first quarter of 2002.
Unsold Inventory Index for existing, single
family detached homes for the first quarter of 2003 was 3.2 months,
compared to 2.6 months for the same period a year ago.
The index indicates the number of months
needed to deplete the supply of homes on the market at the current
Thirty-year fixed mortgage interest rates
averaged 5.83 percent during the first quarter of 2003, down from
6.97 percent in the first quarter of 2002, according to the Federal
Home Loan Mortgage Corp.
Adjustable mortgage interest rates averaged
3.87 percent in the first quarter of 2003, down from 5.08 percent
in the first quarter of 2002.
The median number of days it took to sell
a single family home was 31 days in the first quarter of 2003, compared
to 35 days for the same period a year ago. Regional MLS sales and
price information is contained in the tables that accompany this
Regional sales data is not adjusted to account
for seasonal factors that can influence home sales.
The MLS median price and sales data for
detached homes is generated from a survey of more than 90 associations
of realtors throughout the state.
MLS median price and sales data for condominiums
is based on a survey of more than 60 associations.
The median price for both detached homes
and condominiums represents closed escrow sales.
In a separate report covering more localized
statistics generated by the info system, 96.7 percent or 433 of
448 California cities and communities showed an increase in their
respective median home prices during the first quarter of 2003 compared
to the same period a year ago.
The minimum household income needed
to purchase a median-priced home at $352,780 in California in March
was $82,470, based on a typical 30-year, fixed-rate mortgage at
5.80 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase
a median-priced home was up from $78,130 in March 2002, when the
median price of a home was $305,840 and the prevailing interest
rate was 6.84 percent.
The stats are based solely on county records
by The Fresno Republican Newspaper.
All rights reserved.