California Home Sales Dip 21% in July, Prices Up 10%

California Home Sales Dip 21% in July, Prices Up 10%

Residential News » Residential Real Estate Edition | By Michael Gerrity | August 24, 2010 1:04 PM ET

According to the California Association of Realtors, California home sales decreased 20.8 percent in July compared with the same period a year ago, while the median price of an existing home rose 10.4 percent from July 2009.

"July's sales decrease was not unexpected, given the strong sales activity we saw in May when buyers took advantage of expiring federal and state home buyer tax credits," said C.A.R. President Steve Goddard. "This likely pulled forward sales that otherwise would have closed in June or July.  "Even without tax incentives, buyers waiting on the sidelines should take advantage of historically low interest rates and current home prices," he said.

Quick Facts:

  • Existing, single-family home sales decreased 20.8 percent in July to a seasonally adjusted rate of 440,370 units on an annualized basis compared with July 2009.
  • The statewide median price of an existing single-family home increased 10.4 percent in July to $314,850 compared with July 2009.
  • C.A.R.'s Unsold Inventory Index rose to 5.8 months in July compared with 4.0 months in July 2009.

Closed escrow sales of existing, single-family detached homes in California totaled 440,370 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 decreased 20.8 percent from the revised 555,780 sales pace recorded in July 2009. Sales in July 2010 decreased 10.9 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 July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The year-over-year statewide median home price posted its ninth consecutive gain and seventh consecutive double-digit gain in July.  The median price of an existing, single-family detached home in California during July 2010 was $314,850, a 10.4 percent increase from the revised $285,310 median for July 2009, C.A.R. reported. The July 2010 median price was up 0.9 percent compared with June's $311,950 median price.

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