California Home Sales Slow Way Down in July
California home prices went relatively unchanged in July as sales slowed considerably in response to the expiration of federal and state tax credits for homebuyers. The statewide median price for a home sold in July was $269,000, a minute drop from June but up just over 7 percent from July 2009. The year-to-year increase was the ninth in a row for the state after 27 consecutive months with year-to-year declines.
The bottom of the present cycle was reached in April 2009 when the median sales price was $220,000, while the peak was reached early in 2007 with a median of $485,000. The median price represents the number where exactly half of homes sold for more and the other half for less. Just over 35,000 new and existing homes were sold across California in July, down 20 percent from June and 22 percent from last July.
Of the existing homes sold, just under 36 percent were foreclosures, compared to 34 percent in June and almost 44 percent in July 2009. The highest ratio of foreclosures to total homes sold recorded was 59 percent in February 2009. Foreclosure levels have eased off of peak numbers, but are still high in historical terms. Multiple-mortgage financing is low, down payment requirements are stable, and investors appear to be returning to housing. As for the six-county region of Southern California, the July median sales price was $295,000, a slight drop from June but an increase of ten percent from a year ago. Just under 19,000 homes were sold in the region, a drop of almost 21 percent from June ans a nearly 22 percent drop from last July.
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US Homes For Sale Up Again in July
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