Mike’s Real Estate Show

Highlights of C.A.R.’s resale housing figures for August 2006:
·                     Closed escrow sales of existing, single-family detached homes in California totaled 442,150 in August 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 decreased 30.1 percent from the 632,240 sales pace recorded in August 2005. The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
·                     The median price of an existing, single-family detached home in California during August 2006 was $576,360, a 1.6 percent increase over the revised $567,320 median for August 2005, C.A.R. reported. The August 2006 median price increased 1.7 percent compared with July’s revised $566,940 median price.
·                     .C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2006 was 6.8 months, compared with 2.6 months (revised) 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 6.52 percent during August 2006, compared with 5.82 percent in August 2005, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.64 percent in August 2006 compared with 4.55 percent in August 2005.
·                     The median number of days it took to sell a single-family home was 52 days in August 2006, compared with 29 days (revised) for the same period a year ago.