C.A.R. Reports March Median Price Increased 20.8 Percent; Home Sales Increased 2.5 Percent

LOS ANGELES, CA, Apr 22 (MARKET WIRE) --

Follow C.A.R. Media on Twitter @CAR_Media for the latest housing news and
information from the CALIFORNIA ASSOCIATION OF REALTORS(R) (C.A.R.).

Multimedia:

-- Visit http://car.org/media/ppt/March_2010_UII.ppt to view Unsold
Inventory by price point.
-- Visit http://car.org/media/ppt/March_2010_Current_v_Trough.ppt to view
a data table comparing current prices with trough prices in areas
throughout the state.

Quick Facts:

-- Existing, single-family home sales increased 2.5 percent in March to a
seasonally adjusted rate of 516,590 units on an annualized basis
compared with March 2009.
-- The statewide median price of an existing single-family home increased
20.8 percent in March to $301,790, compared with March 2009.
-- C.A.R.'s Unsold Inventory Index fell to five months in March, compared
with 5.6 months in March 2009.

Home sales increased 2.5 percent in March in California compared
with the same period a year ago, while the median price of an existing
home rose 20.8 percent, the CALIFORNIA ASSOCIATION OF REALTORS(R)
(C.A.R.) reported today.

"The end of the federal tax credit on April 30 will remove some urgency
from the market, but is not likely to derail current market trends as
favorable prices and low mortgage rates continue to attract buyers and
investors," said C.A.R. President Steve Goddard. "The March year-to-year
median price gain of 20.8 percent was the largest in more than five
years. With the number of homes for sale in the state expected to remain
lean, gains in the statewide median price may well outpace the nation
going forward."

Closed escrow sales of existing, single-family detached homes in
California totaled 516,590 in March at a seasonally adjusted annualized
rate, according to information collected by C.A.R. from more than 90
local REALTOR(R) associations statewide. Statewide home resale activity
increased 2.5 percent from the revised 504,200 sales pace recorded in
March 2009. Sales in March 2010 decreased 2.5 percent compared with the
previous month.

The statewide sales figure represents what the total number of homes sold
during 2010 would be if sales maintained the March 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 March 2010 was $301,790, a 20.8 percent increase from
the revised $249,790 median for March 2009, C.A.R. reported. The March
2010 median price increased 7.8 percent compared with February's $279,840
median price.

"While the federal tax credit has helped drive sales, near record-high
affordability resulting from current prices and low mortgage rates also
has impacted the market," said C.A.R. Vice President and Chief Economist
Leslie Appleton-Young. "Four years ago, the median price to household
income ratio was at a record high of 10 to one. It's now near a historic
low of four to one."

Highlights of C.A.R.'s resale housing figures for March 2010:

-- C.A.R.'s Unsold Inventory Index for existing, single-family detached
homes in March 2010 was five months, compared with 5.6 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 4.97 percent during
March 2010, compared with 5 percent in March 2009, according to
Freddie Mac. Adjustable-mortgage interest rates averaged 4.20 percent
in March 2010, compared with 4.86 percent in March 2009.

-- The median number of days it took to sell a single-family home was
39.2 days in March 2010, compared with 48.5 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(R) 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, 230 of the 357 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 March may be exaggerated due to 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://www.car.org/marketdata/historicalprices/2010medianprices/mar2010medianpri
es/.

-- Statewide, the 10 cities with the highest median home prices in
California during March 2010 were: Los Altos, $1,476,500; Manhattan
Beach, $1,340,000; Palo Alto, $1,264,000; Calabasas, $1,260,000;
Newport Beach, $1,102,250; Palos Verdes Estates, $1,017,000; Mill
Valley, $910,000; Rancho Palos Verdes, $878,500; Los Gatos, $869,000;
and Cupertino, $865,000.

-- Statewide, the cities with the greatest median home price increases in
March 2010 compared with the same period a year ago were: Pittsburg,
42.3 percent; Arcadia, 40.2 percent; National City, 37.7 percent;
Auburn, 34.1 percent; Lodi, 33.3 percent; Richmond, 30.4 percent;
Placentia, 29.9 percent; Newport Beach, 29.7 percent; Novato, 28.8
percent; and Petaluma, 27.7 percent.

For sales and price tables, please visit
http://car.org/newsstand/newsreleases/marchsalesandprice/.

Leading the way...(R) in California real estate for more than 100 years,
the CALIFORNIA ASSOCIATION OF REALTORS(R) (www.car.org) is one of the
largest state trade organizations in the United States, with nearly
150,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.

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Media Contact:
Mark Giberson
(213) 739-8304
markg@car.org

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