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June sales and price report
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For release:
Thursday, July 22, 2010

C.A.R. reports June median price increased 13.6 percent; home sales decreased 4.2
percent

Multimedia:

Click here to view a video of C.A.R. Chief Economist Leslie Appleton-Young discuss
highlights of the June sales and price report.
Click here to view Unsold Inventory by price point.
Click here to view a data table comparing current prices with trough prices in areas
throughout the state.

Quick Facts:

Existing, single-family home sales decreased 4.2 percent in June to a seasonally
adjusted rate of 492,800 units on an annualized basis compared with June 2009.
The statewide median price of an existing single-family home increased 13.6 percent in
June to $311,950 compared with June 2009.
C.A.R.’s Unsold Inventory Index rose to 4.8 months in June compared with 4.2 months
in June 2009.

LOS ANGELES (July 22) – Home sales decreased 4.2 percent in June in California
compared with the same period a year ago, while the median price of an existing home
rose 13.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
reported today.

“Buyers who scrambled to close escrow in May to take advantage of federal and state
tax credits before they expired impacted the number of homes sold last month,” said
C.A.R. President Steve Goddard. “Although we expect sales to be lower in the second
half of the year because of the absence of the government stimulus, they should
remain above the long-run average and be significantly higher than the trough in 2007,
when sales bottomed out.

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“Although the tax credits are no longer available, it’s important to keep in mind that
home prices are substantially below their peaks and interest rates remain at historic
lows, making this a very affordable time for many first-time buyers to purchase a home
of their own,” he said.

Closed escrow sales of existing, single-family detached homes in California totaled
492,800 in June 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 4.2 percent from the revised 514,230 sales
pace recorded in June 2009. Sales in June 2010 decreased 11.1 percent compared
with the previous month.

Trough vs. Current Price – June 2010

% Chg
Trough Trough Jun-10
Region From
Month Price Median
Trough
San
FranciscoBay Feb-09 $399,040 $598,640 50.0%
Area
Santa Clara Feb-09 $445,000 $633,000 42.2%
Monterey
Feb-09 $241,130 $338,460 40.4%
Region
Palm
Springs/Lower Apr-09 $150,140 $198,570 32.3%
Desert
San Luis
Apr-09 $338,160 $440,000 30.1%
Obispo
CALIFORNIA Feb-09 $245,230 $311,950 27.2%
Ventura Feb-09 $359,630 $450,930 25.4%
Riverside/San
Apr-09 $156,840 $191,900 22.4%
Bernardino
Orange County Jan-09 $423,100 $517,620 22.3%
San Diego Mar-09 $326,830 $397,910 21.7%
High Desert May-09 $106,210 $125,620 18.3%
Northern W ine
Feb-09 $310,950 $364,740 17.3%
Country
Sacramento Apr-09 $167,340 $196,220 17.3%
Los Angeles Mar-09 $295,100 $334,800 13.5%
Northern
May-10 $243,200 $247,550 1.8%
California

The statewide sales figure represents what the total number of homes sold during 2010

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would be if sales maintained the June 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 June
2010 was $311,950, a 13.6 percent increase from the revised $274,640 median for
June 2009, C.A.R. reported. The June 2010 median price decreased 3.8 percent
compared with May’s $324,430 median price.

Peak vs. Current Price – June 2010

% Chg
Peak Peak Jun-10
Region From
Month Price Median
Peak
High Desert Apr-06 $334,860 $125,620 -62.5%
Monterey Region Aug-07 $798,210 $338,460 -57.6%
Riverside/San
Jan-07 $415,160 $191,900 -53.8%
Bernardino
Sacramento Aug-05 $394,450 $196,220 -50.3%
Palm
Springs/Lower Jun-05 $393,370 $198,570 -49.5%
Desert
CALIFORNIA May-07 $594,530 $311,950 -47.5%
Los Angeles Aug-07 $605,300 $334,800 -44.7%
Northern
Aug-05 $440,420 $247,550 -43.8%
California
Northern W ine
Jan-06 $645,080 $364,740 -43.5%
Country
Ventura Aug-06 $710,910 $450,930 -36.6%
San Diego May-06 $622,380 $397,910 -36.1%
Orange County Apr-07 $747,260 $517,620 -30.7%
San FranciscoBay
May-07 $853,910 $598,640 -29.9%
Area
San Luis Obispo Jun-06 $620,540 $440,000 -29.1%
Santa Clara Apr-07 $868,410 $633,000 -27.1%

“As we anticipated, home prices have continued to post modest gains, due in large part
to the lean inventory of homes for sale in many regions of the state,” said C.A.R. Vice
President and Chief Economist Leslie Appleton-Young. “This has contributed to market
stability and bodes well for the remainder of the year.

“W e’re also seeing an increase in home sales at the higher-end of the market, a
reflection of the slight thaw in jumbo financing, although there still is a long way to go
before jumbo loans are readily available to qualified buyers,” she said.

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Unsold Inventory Index (Months)
Price
Range June 2010 May 2010 June 2009
(Thousands)
$1 million+ 9.2 10.1 11.3
$750-1
5.9 5.5 6.3
million
$500-750,0004.8 4.3 4.0
$300-500,000 4.2 3.9 3.5
$0-300,000 3.0 3.1 2.5

Highlights of C.A.R.’s resale housing figures for June 2010:

C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in June
2010 rose to 4.8 months, compared with 4.2 months in June 2009. 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 4.74 percent during June 2010,
compared with 5.42 percent in June 2009, according to Freddie Mac. Adjustable-
mortgage interest rates averaged 3.86 percent in June 2010, compared with 4.93
percent in June 2009.
The median number of days it took to sell a single-family home was 43.3 days in June
2010, compared with 44.3 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany
this press release. Regional sales data are not adjusted to account for seasonal factors
that can influence home sales. The MLS median price and sales data for detached
homes are generated from a survey of more than 90 associations of REALTORS®
throughout the state. MLS median price and sales data for condominiums are based on
a survey of more than 60 associations. The median price for both detached homes and
condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and
DataQuick Information Systems, 232 of the 372 cities and communities reporting
showed an increase in their respective median home prices from a year ago.
DataQuick statistics are based on county records data rather than MLS information.
DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald
Dettwiler and Associates. (The lists are generated for incorporated cities with a
minimum of 30 recorded sales in the month.)

Note: Large changes in local median home prices typically indicate both local home
price appreciation, and often, large shifts in the composition of housing market activity.
Some of the variations in median home prices for June June be exaggerated due to

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compositional changes in housing demand. The DataQuick tables listing median home
prices in California cities and counties are accessible through C.A.R. Online at
http://car.org/marketdata/historicalprices/2010medianprices/jun2010medianprices/.

Statewide, the 10 cities with the highest median home prices in California during June
2010 were: Manhattan Beach, $1,737,500; Los Altos, $1,618,500; Saratoga,
$1,425,000; Palo Alto, $1,308,500; Laguna Beach, $1,230,500; Newport Beach,
$1,150,000; Los Gatos, $1,045,000; Rancho Palos Verdes, $1,000,000; Cupertino,
$980,000; and Lafayette, $946,250.
Statewide, the cities with the greatest median home price increases in June 2010
compared with the same period a year ago were: National City, 59 percent; Newport
Beach, 52 percent; Richmond, 52 percent; San Bernardino, 47 percent; San Pablo, 38
percent; Fairfield, 37 percent; W alnut, 34 percent; Colton, 32 percent; Imperial Beach,
31 percent; and Poway, 30 percent.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA
ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade
organizations in the United States, with nearly 160,000 members dedicated to the
advancement of professionalism in real estate. C.A.R. is headquartered in Los
Angeles.

###

June 2010 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted

Percent Percent
Percent Percent Change Change
Change Change in in
in Price in Price Sales Sales
from from from from
Median Prior Prior Prior Prior
Price Month Year Month Year
Jun-10 May-10 Jun-09 May-10 Jun-09
Statewide
Calif. (sf) $311,950 -3.8% 13.6% -11.1% -4.2%
Calif. (condo) $267,740 -3.8% 1.7% -2.8% 8.3%

C.A.R.
Region

High Desert $125,620 -0.6% 15.7% 10.4% -30.2%
Los Angeles $334,800 -3.3% 4.7% -4.2% -1.1%

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Monterey
$338,460 -6.9% 29.7% 3.0% -22.1%
Region
Monterey
$274,000 -2.1% 33.7% 7.8% -23.8%
County
Santa Cruz
$507,500 -3.3% -2.2% -6.1% -18.2%
County
Northern
$247,550 1.8% -4.5% 15.9% 12.1%
California
Northern
$364,740 0.4% 6.2% 8.6% 6.1%
W ine Country
Orange
$517,620 2.3% 6.0% -2.5% 6.4%
County
Palm
Springs/Lower $198,570 7.5% 24.9% -5.2% -5.1%
Desert
Riverside/San
$191,900 -1.6% 15.0% 12.0% -21.0%
Bernardino
Sacramento $196,220 2.5% 7.6% 3.5% 1.7%
San Diego $397,910 1.7% 9.7% -4.1% 1.1%
San
Francisco $598,640 1.0% 16.3% -1.9% -3.1%
Bay
San Luis
$440,000 15.2% 18.1% 2.5% -5.2%
Obispo
Santa
Barbara $400,000 -15.8% 2.7% 4.8% -15.8%
County
Santa
BarbaraSouth $914,760 1.4% 15.2% -5.8% -4.7%
Coast
NorthSanta
Barbara $251,140 5.0% -4.3% 11.8% -23.4%
County
Santa Clara $633,000 0.5% 15.1% -10.5% -8.0%
Ventura $450,930 2.4% 1.6% -0.2% 18.3%

na - not available

* Based on closed escrow sales of single family, detached homes only (no condos).
Movements in sales prices should not be interpreted as measuring changes in the cost
of a standard home. Prices are influenced by changes in cost and changes in the
characteristics and size of homes actually sold.

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sf = single family, detached home

Source: CALIFORNIA ASSOCIATION OF REALTORS®

Median Prices By Region – Current Month vs. Year Ago

Jun-10 May-10 Jun-09
Statewide
Calif. (sf) $311,950 $324,430 $274,640 r
Calif. (condo) $267,740 $278,300 $263,190 r

C.A.R. Region

High Desert $125,620 $126,430 $108,600
Los Angeles $334,800 $346,350 $319,860
Monterey Region $338,460 $363,640 $260,910
Monterey County $274,000 $280,000 $205,000
Santa Cruz County $507,500 $525,000 $519,000
Northern California $247,550 $243,200 $259,080 r
Northern Wine
$364,740 $363,140 $343,590
Country
Orange County $517,620 $505,750 $488,320
Palm
Springs/Lower $198,570 $184,690 $158,960
Desert
Riverside/San
$191,900 $194,960 $166,840
Bernardino
Sacramento $196,220 $191,430 $182,400
San Diego $397,910 $391,410 $362,650
San Francisco Bay $598,640 $592,930 $514,650
San Luis Obispo $440,000 $382,080 $372,620
Santa Barbara
$400,000 $475,000 $389,390 r
County
Santa Barbara
$914,760 $902,500 $794,000 r
South Coast
North Santa
$251,140 $239,280 $262,500
Barbara County
Santa Clara $633,000 $630,000 $550,000
Ventura $450,930 $440,370 $443,850

na - not available
r - revised

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