Posted on: Friday, December 27, 2002
California median home price jumps to new high
• Mortgage rates drop to lowest level since 1965
• Hawai'i mortgage rates sink again to low point
• The Honolulu Value/Price Model
• Hawai'i mortgage rates
• Neighborhood snapshots
By Daisy Nguyen
Associated Press
LOS ANGELES — The statewide median home price soared to a record $279,000 in November as Californians kept scooping up available homes even as the holiday season approached, a real estate information service said this week.
The median home price — the point at which half the homes sold for more and half for less — was up 18.2 percent from $236,000 in November 2001, DataQuick Information Systems said.
Leading the way was San Diego with a 27 percent increase. The rest of the Southern California region saw a 21 percent jump, while the San Francisco Bay area posted a 13 percent increase.
Low mortgage rates kept driving the market, and analysts predicted the demand for homes won't slow anytime soon, despite the sluggish economy.
"The thinking right now is that it actually could last for a while, as long as interest rates remain low," said John Karevoll, an analyst at the firm. "Sales will stay strong even as prices continue to go up."
Market conditions remained stable, with buyers continuing to choose prudent financing.
The typical monthly mortgage payment in November was $1,284, an increase of $102 over the same month a year earlier.
The number of new and existing houses and condominiums sold statewide in November totaled 46,700 — up 17.1 percent from a year earlier.
Sales last month were down nearly 6 percent from October. However, Karevoll said declines from October to November are normal because of the holidays.
In San Diego, a strong demand for housing and a healthy local economy pushed the region's home prices up, Karevoll said.
"People want to buy property here because it's got a stable, diversified economy, and the climate is great," said Art Lewis, an agent with Prudential California Realty in San Diego.
