California Homes Sales Higher in July


July home sales and price report
 
    

 
 

For release:
August 16, 2013

California home sales higher in July; price gains continue strong but tapering

LOS ANGELES (Aug. 16) – California’s housing market bounced back after a slight dip in June to reach the highest level since May 2012, as home prices continued to post strong annual gains and home sales recorded the first annual increase in six months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.

“The spike in interest rates in June prompted home buyers to delay escrow closings in hopes that rates would fall back,” said C.A.R. President Don Faught.  “As buyers recognized rates had stabilized, they moved forward to close escrow, which lifted July’s sales from both the previous month and year.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 443,520 units in July, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in July were up 7 percent from a revised 414,670 in June and up 1.5 percent from a revised 436,870 in July 2012.  The year-to-year sales increase was the first since December 2012, following six consecutive months of declines.  The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the July pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home inched up 1.2 percent from June’s median price of $428,620 to $433,760 in July.  July’s price was 29.8 percent higher than the revised $334,220 recorded in July 2012, marking 17 straight months of annual price increases and the 13th consecutive month of double-digit annual gains.  The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

“A constrained supply of homes over the past year has fueled robust home price increases, particularly in the coastal regions,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “Looking ahead, we should continue to see strong price growth but at a less accelerated pace than what we’ve experienced over the past year.  Inventory levels are starting to build in some areas as price gains free up previously underwater homes and encourage homeowners reluctant to list because of the scarcity of homes to purchase.”

Other key facts of C.A.R.’s July 2013 resale housing report include:

• The available supply of existing, single-family detached homes for sale held steady in July at 2.9 months, unchanged from June’s Unsold Inventory Index. The index was 3.5 months in July 2012.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A six- to seven-month supply is considered typical in a normal market.
• The median number of days it took to sell a single-family home also held fairly steady at 27.8 days in July, compared to 27.7 days in June but was down from a revised 43.2 days in July 2012. 
• Mortgage rates ticked up in July, with the 30-year, fixed-mortgage interest rate averaging 4.37 percent, up from 4.07 percent in June 2013 and up from 3.55 percent in July 2012, according to Freddie Mac.  Adjustable-mortgage interest rates in July averaged 2.66 percent, up from 2.60 in June but down from 2.69 percent in July 2012.

Published by dianebroussard

Specialties: Real Estate Horse Property Specialist, Buyer's Agent, Listing Agent, Consulting Also Reiki Master, Shamanic Practitioner, Life Coach Consultant I have been developing and selling real estate since 1976. I am a lifetime top achiever and member of Remax Hall of Fame. I specialize in Horse and Ranch property. One of the most important things I have learned over the years, is to LISTEN to the needs of my clients. I do not try to sell them a home; rather, I try to help them find the home of their choice. A home is one of the most important decisions you will make in your lifetime and finding the right agent to help you do it , is most important, after all you are trusting them to help you with this decision. I know it is more than just seeing a home on the internet, it is feeling the home in your soul. It is about how you feel when you walk through the front door and the way you can instantly envision your life unfolding there. I tell clients to drive around different areas first to see what area feels good to them. Then we can find a home in that area. My clients are most important to me and seeing them smile makes me smile. This is about more than real estate. It is about your life and your dreams.It is my sincere pleasure to help Diane

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