Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, the California Association of Realtors reported today.
It marked the 11th straight month that existing home sales in California outperformed sales in the year-ago period, and the fifth straight month of rising median prices.
“The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers,” said James Liptak, CAR president. “Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered.”
CAR said closed escrow sales of existing single-family homes in California totaled 553,910 in July at a seasonally adjusted annualized rate, up from 494,390 in July 2008. The statewide sales figure represents what the total number of homes sold during 2009 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 median home price in California in July was $285,480, down from $355,000 in July last year, but up from $274,740 in June.
In the Sacramento region, CAR said the median home price in July was $183,840, down 16.1 percent from a year ago. CAR said July home sales in the region were down 6.7 percent from a year ago, but up 6 percent over June this year.
Tags: California, foreclosure, government revenues, home builders, home prices, housing affordability, housing crisis, interest rates, James Liptak, Real Estate, REO properties, Sacramento, Sacramento bank owned, Sacramento bank owned properties, sacramento bee, Smith Premier Properties, Tax Credit, The Smith Team, Tyler Smith, Tyler Smith Realtor
