Closed escrow sales of
existing, single-family detached homes in California dropped 4.1 percent
to a seasonally adjusted 458,440 units in July, according to information
collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
- July home sales were up 4.5
percent from the 438,850 units sold in July 2010. The statewide
sales figure represents what would be the total number of homes sold
during 2011 if sales maintained the July pace throughout the year.
It is adjusted to account for seasonal factors that typically influence
- “Although July sales
improved over last year, they were somewhat weaker than expected, given
current prices and mortgage rates,” said C.A.R. Vice President and Chief
Economist Leslie Appleton-Young. “Economic uncertainty and recent
developments in financial markets have caused hesitation among buyers, the
effects of which we may see in the coming months. We must see
sustained job and income gains along with an increase in consumer
confidence before we can expect to see consistent improvement in the
The statewide median
price of an existing, single-family detached home sold in California dipped 0.3
percent in July to $294,230 from a revised $295,210 in June. July’s
median price was down 7.6 percent from the $318,550 recorded in July 2010.
Reprinted from C.A.R. Market Matters
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