Highlights of C.A.R.’s resale housing figures for August 2010:
- California home sales edged up 1.8 percent from July, but were down 14.9 percent from August 2009, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. The statewide median home price also increased 1.2 percent from July and was up 8.6 percent from a year ago.
- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2010 rose to 6.1 months compared with 4.6 months in August 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- Thirty-year fixed-mortgage interest rates averaged 4.43 percent during August 2010 compared with 5.19 percent in August 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.53 percent in August 2010 compared with 4.72 percent in August 2009.
- The median number of days it took to sell a single-family home was 47.1 days in August 2010 compared with 34.8 days for the same period a year ago.