Nevada City Virtual Tour

Wednesday, August 14, 2013

California Home Sales Higher in July

California Home Sales Higher in July
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, C.A.R. recently reported.

Sales of existing, single-family detached homes were up 7 percent in July compared with June and up 1.5 percent compared with a year ago. The year-to-year sales increase was the first since December 2012, following six consecutive months of declines.

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 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.

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