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C.A.R. REPORTS MEDIAN HOME PRICE INCREASED 17.1 PERCENT IN JULY
The median price of an existing, single-family detached home in California during July 2005 was $540,900, a 17.1 percent increase over the revised $461,760 median for July 2004, C.A.R. reported. The July 2005 median price decreased 0.4 percent compared with June's revised $543,120 median price.

"July's increase in the median price of a home followed the trend we've experienced for most of this year," said C.A.R. President Jim Hamilton. "Mortgage interest rates remain lower than a year ago and the inventory of homes for sale has improved slightly compared to the historic lows of 2004."

Closed escrow sales of existing, single-family detached homes in California totaled 647,910 in July 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 1.3 percent from the 639,910 sales pace recorded in July 2004.

 
Calif. median home price - July 05: $540,900 (Source: C.A.R.)  
Calif. affordability index - June 05: 16 percent (Source: C.A.R.)  

Calif. highest median home price by C.A.R. region July 05:
Santa Barbara So. Coast $1,325,000 (Source: C.A.R.)

 

Calif. lowest median home price by C.A.R. region July 05:
High Desert $298,950 (Source: C.A.R.)

 

Mortgage rates - week ending 8/18:
30-yr. fixed: 5.80%; Fees/points: 0.5%
15-yr. fixed: 5.40%; Fees/points: 0.5%
1-yr. adjustable: 4.58%; Fees/points: 0.7%
(Source: Freddie Mac)



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