California home sales and prices higher in July; median price reaches near-four-year high

July home sales and price report  August 17, 2012

California home sales and prices higher in July; median price reaches near-four-year high

LOS ANGELES (Aug. 17) – California home sales and prices both posted strong gains in July, with the sales pace showing positive year-over-year growth for the fourth straight month and the median price reaching a near-four-year high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“It’s hard to generalize the state of California’s housing market because the markets are so diverse and are performing so differently,” said C.A.R. President LeFrancis Arnold. “REO-dominated areas such as those in the Inland Empire and Central Valley are experiencing sales constraints due to an extreme shortage of available homes. On the other hand, a robust economy in the San Francisco Bay area and a relatively larger inventory at higher price levels is helping to fuel sales and prices.”

Closed escrow sales of existing, single-family detached homes reached a seasonally adjusted, annualized rate of 529,230 in July, up 2 percent from June’s revised 518,680 rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. July’s sales pace was up 15.3 percent from July 2011’s revised pace of 459,140 sales. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the July pace throughout the year and is adjusted to account for seasonal factors that typically influence home sales.

July marked the fifth consecutive month that California’s median home price was up from both the previous month and year. The statewide median price of an existing, single-family detached home was $333,860 in July, up 4.2 percent from $320,540 in June and up 12.7 percent from a revised $296,160 in July 2011.

The July 2012 median price was the highest since August 2008, when the median price reached $352,730. July also marked the fourth straight month that the median price has posted above the $300,000 level.   For full details click here:   http://www.car.org/newsstand/newsreleases/2012releases/julysales

Posted via email from Duane's Proposterous Posterous