Lake Tahoe
Real Estate News - March 2, 2005 |
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| C.A.R. REPORTS MEDIAN HOME PRICE
INCREASED 20.1 PERCENT IN JANUARY The median price of an existing, single-family detached home in California during January was $485,700, a 20.1 percent increase over the revised $404,460 median for January 2004, C.A.R. recently reported. The January 2005 median price increased 2.4 percent compared with a revised $474,280 median price in December. Closed escrow sales of existing, single-family detached homes in California totaled 659,410 in January 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 7.1 percent from the 615,660 sales pace recorded in January 2004. The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. "We're out of the starting gate with a bang. Both sales and the median price of a home hit new records in January as homebuyers continued to flood the market," said C.A.R. President Jim Hamilton. "Although the inventory of homes for sale increased in January, it's still low by historic standards. Buyers are taking a little more time before making an offer compared with last year, in part because the specter of significant increases in mortgage interest rates has diminished." REAL ESTATE CONSTRUCTION SPENDING CONTINUES TO GROW The rate of construction spending increased for the seventh consecutive month in January 2005, according to a recent report by the U.S. Census Bureau. Last month, construction spending was estimated at a seasonally adjusted annual rate of $1,047.3 billion, 0.7 percent above the revised December estimate of $1,040.3 billion. The annual pace of construction spending has remained above $1 trillion since July 2004. Total spending on private construction rose slightly in January, reaching a seasonally adjusted annual rate of $805.7 billion, up 0.6 percent from December 2004. Spending on residential construction also increased last month, rising 0.4 percent to a seasonally adjusted annual rate of $574.5 billion. CALIFORNIA LUXURY HOME VALUES POST DOUBLE-DIGIT GAINS IN 2004 Luxury home prices in Los Angeles, San Diego and San Francisco increased significantly during 2004, according to the First Republic Prestige Home Index™. The Index, which tracks homes valued at more than $1 million in key California markets, shows that the value of high-end homes in Los Angeles jumped 27 percent in 2004, following a 14.9 percent increase in 2003. Since December 2002, the value of the average luxury home in Los Angeles has increased by more than $600,000 to almost $2 million. The prices of luxury homes in San Diego and San Francisco also recorded double-digit gains in 2004, rising 16.4 percent and 13.7 percent, respectively. In San Francisco, the price of the average luxury home now stands at a record $2.55 million, slightly ahead of the all-time high set during the second quarter of 2004. CONSUMER CONFIDENCE DECLINES Consumer confidence took a downward turn in February, according to The Conference Board's Consumer Confidence Index. Following significant increases in December and January, the Index fell 1.1 points to 104.0 (1985=100) in February. The Expectations Index also declined, falling from 100.4 to 95.7, while the Present Situation Index increased from 112.1 to 116.4. Though consumers' assessment of current conditions has improved, their outlook for the next six months is less optimistic. According to the Consumer Confidence Index, fewer people are anticipating improvements in the labor market, business conditions and incomes. "Although expectations cooled this month, consumers are more optimistic today than they were a year ago," said Lynn Franco, director of The Conference Board's Consumer Research Center. "Despite recent fluctuations, both present and future indicators point toward continued expansion in the months ahead." NEW HOME SALES SLIP IN JANUARY The pace of new home sales for January 2005 reached a seasonally adjusted annual rate of 1.1 million units, down 4.2 percent from one year earlier, the U.S. Dept. of Commerce recently reported. In December 2004, the seasonally adjusted annual rate of new single-family home sales was approximately 1.22 million, or 9.2 percent above the January 2005 level. The estimate of new houses for sale at the end of January was 438,000, representing a 4.7-month supply at the current sales pace. The West was the only region that experienced a modest increase in new home sales, with sales rising 5.6 percent last month, while sales in the Midwest plunged by 40.3 percent. New home sales also declined in the South and Northeast regions, falling 3.3 percent and 17.1 percent, respectively. Fast Facts Calif. median home price - Jan. 05: $485,700 (Source: C.A.R.) Calif. affordability index - Dec. 04: 19 percent (Source: C.A.R.) Calif. highest median home price by C.A.R. region - Jan. 05: St. Barbara So. Coast $1,206,250 (Source: C.A.R.) Calif. lowest median home price by C.A.R. region Jan. 05: High Desert $252,440 (Source: C.A.R.) Mortgage rates - week ending 2/24: 30-yr. fixed: 5.69%; Fees/points: 0.7% 15-yr. fixed: 5.22%; Fees/points: 0.7% 1-yr. adjustable: 4.16%; Fees/points: 0.8% (Source: Freddie Mac) Information provided by - C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide. |
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