The median price of homes and sales are up in California. March totals indicate a 9.3 percent increase in median home prices, 10.1 percent higher than a year ago. Higher prices aren't slowing sales - statewide resale activity was up 9.3 percent from the 604,530 sales recorded in March 1998.

The median price of an existing, single-family detached home is now $213,490, compared to $193,910 last year.

Working with Transamerica Intellitech, the California Association of REALTORS® (C.A.R.) reported that, based on county records, 268 of 352 California cities and communities showed an increase in median home prices from a year ago.

• C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in March 1999 was 4.8 months, down from 5.1 months 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 7.04 percent during March 1999, down from 7.13 percent in March 1998, according to the Federal Home Loan Mortgage Corp. Adjustable mortgage interest rates averaged 5.77 percent in March 1999, up slightly from 5.69 percent in March 1998.
• The median number of days it took to sell a single-family home was 42 days in March 1999, unchanged from a year ago.

"The California economy continues to exceed expectations," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Buoyed by low unemployment, favorable interest rates and a booming stock market, consumer confidence is also helping drive the housing market."

Among the highlights of the March localized data collected by C.A.R. and Transamerica Intellitech:

• Statewide, the 10 cities and communities with the highest median home prices in California during March 1999 were: Woodside, $1,499,000; Hillsborough, $1,330,000; Los Altos Hills, $1,305,000; Atherton, $995,000; Monte Sereno, $960,000; Saratoga, $855,000; Los Altos, $820,500; Belvedere/Tiburon, $783,000; San Marino, $747,500; Malibu, $745,000.
• Statewide, the 10 cities and communities with the greatest median home price increases in March 1999 compared to the same period a year ago were: Solana Beach, Twentynine Palms, Yucca Valley, Malibu, Saratoga, Sierra Madre, La Canada-Flintridge, Berkeley, Monterey and Woodside. Sacramento-based Transamerica Intellitech is a leading provider of information and software solutions for real estate industry professionals throughout the U.S. Its parent, Fortune 500 company Transamerica Corporation, is one of the world's largest financial services companies. Transamerica has provided specialized financial, life insurance and real estate products and services since 1928.

A comparison of median home prices by region for March 1999 and March 1998.

Published: April 28, 1999

Use of this article without permission is a violation of federal copyright laws.

Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment. Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's. Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. To contact Blanche, email her at . For more articles by Blanche, click here.