July Sales and Price Report for Real Estate

July Sales and Price Report 

For release: Tuesday, Aug. 24, 2010

C.A.R. reports July median price increased 10.4 percent; home sales decreased 20.8 percent

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.

LOS ANGELES (Aug. 24) –  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, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“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.

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.

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