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Saratoga made the list of the top 10 communities with the highest median home price, coming in at $1,150,000 for the second quarter of 2002. Other cities making the list included Los Altos, $1,117,500; Belvedere/Tiburon, $899,000; Malibu, $899,000; Palos Verdes Estates, $893,500; Pacific Palisades, $865,000; Mill Valley, $827,500; Manhattan Beach, $825,000; Palo Alto, $802,000; and Orinda, $785,000.
The median price of an existing, single-family detached home in California hit a new record during the second quarter of 2002, rising 23.5 percent to $319,650, as reported by the California Association of Realtors and Real Estate Solutions, a real estate information service.
Closed escrow sales of existing, single-family detached homes in California amounted to 599,060 for the second quarter of 2002 at a seasonally adjusted annualized rate, a 17.7 percent increase from 509,180 in the second quarter of 2001.
The California Association of Realtors' Unsold Inventory Index for existing, single-family detached homes for the second quarter of 2002 was 2.1 months, compared to 3.6 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 sales rate.
Thirty-year fixed mortgage interest rates averaged 6.82 percent during the second quarter of 2002, down from 7.13 percent in the second quarter of 2001, according to the Federal Home Loan Mortgage Corporation. Adjustable mortgage interest rates averaged 4.80 percent in the second quarter of 2002, down from 5.93 percent in the second quarter of 2001.
The median number of days it took to sell a single-family home was 25 days in the second quarter of 2002, compared to 26 days for the same period a year ago.
In a separate report covering more localized statistics, generated by the association in conjunction with Real Estate Solutions, 92.7 percent of California cities and communities showed an increase in their respective median home prices for the second quarter of 2002 compared to the same period a year prior. The results are based on county records data rather than multiple listing service information.
In Los Gatos, the median home price for the second quarter of 2002 was $751,000, and in Cupertino the median home price logged in at $750,500.
The 10 California cities and communities with the largest annual increase in their respective median home prices during the second quarter of 2002 compared to the same period in 2001 were: Culver City, 44.5 percent; Sierra Madre, 39.4 percent; San Juan Capistrano, 36.4 percent; Lake Forest, 30.6 percent; Sanger, 29.5 percent; Placerville, 28.8 percent; Fillmore, 28.2 percent; South Pasadena, 27.8 percent; West Hollywood, 25.7 percent; and La Canada-Flintridge 25 percent.
According to the California Association of Realtors, price statistics are derived from all types of home sales--new and existing, condos and single-family. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Changes in cost, as well as changes in the characteristics and size of homes sold, can influence median prices. Due to the low sales volume in some cities or areas, median price changes may exhibit unusual fluctuation.
Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to jnewton@jnpr.com.
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