The median price of homes and sales are up in California. March totals indicate a 9.3 percent increase in median home prices, 10.1 percent higher than a year ago. Higher prices aren't slowing sales - statewide resale activity was up 9.3 percent from the 604,530 sales recorded in March 1998.

The median price of an existing, single-family detached home is now $213,490, compared to $193,910 last year.

Working with Transamerica Intellitech, the California Association of REALTORS® (C.A.R.) reported that, based on county records, 268 of 352 California cities and communities showed an increase in median home prices from a year ago.

• C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in March 1999 was 4.8 months, down from 5.1 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 sales rate.
• Thirty-year fixed mortgage interest rates averaged 7.04 percent during March 1999, down from 7.13 percent in March 1998, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 5.77 percent in March 1999, up slightly from 5.69 percent in March 1998.
• The median number of days it took to sell a single-family home was 42 days in March 1999, unchanged from a year ago.

"The California economy continues to exceed expectations," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Buoyed by low unemployment, favorable interest rates and a booming stock market, consumer confidence is also helping drive the housing market."

Among the highlights of the March localized data collected by C.A.R. and Transamerica Intellitech:

• Statewide, the 10 cities and communities with the highest median home prices in California during March 1999 were: Woodside, $1,499,000; Hillsborough, $1,330,000; Los Altos Hills, $1,305,000; Atherton, $995,000; Monte Sereno, $960,000; Saratoga, $855,000; Los Altos, $820,500; Belvedere/Tiburon, $783,000; San Marino, $747,500; Malibu, $745,000.
• Statewide, the 10 cities and communities with the greatest median home price increases in March 1999 compared to the same period a year ago were: Solana Beach, Twentynine Palms, Yucca Valley, Malibu, Saratoga, Sierra Madre, La Canada-Flintridge, Berkeley, Monterey and Woodside. Sacramento-based Transamerica Intellitech is a leading provider of information and software solutions for real estate industry professionals throughout the U.S. Its parent, Fortune 500 company Transamerica Corporation, is one of the world's largest financial services companies. Transamerica has provided specialized financial, life insurance and real estate products and services since 1928.

A comparison of median home prices by region for March 1999 and March 1998.

Published: April 28, 1999

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