September 11, 2012 (Chris Moore)
Monthly sales of new and existing homes in California slipped for a second consecutive month in July but still remained higher than a year ago, while home prices continued to make solid gains according to real estate information provider DataQuick.
An estimated total of 39,507 new and existing homes and condos were sold in the Golden State in July. That was 3.7 percent lower than the 41,027 homes sold in June but still a hefty 13.9 percent higher than the 34,695 homes sold in July 2011.
Home sales in the state typically decrease 7.0 percent between June and July. Despite being 14.7 percent below the historical average of 49,753 sales for the month, home sales have improved year-over-year for the last 13 months.
Distressed property sales accounted for 41.0 percent of all re-sales in July, down from 43.0 percent in June, with homes that had been foreclosed on in the previous twelve months accounting for 22.0 percent of the existing home sales. That was down from a revised 24.9 percent in June and down from 34.5 percent in July of 2011.
Foreclosure re-sales are down over 60 percent since the market peak in February 2009 when foreclosure re-sales accounted for 58.5 percent of the resale market.
Short sales accounted for an estimated 19.0 percent of all re-sales last month, up from 18.1 percent in June. In July of last year, short sales accounted for 17.3 percent of all existing home sales.
The median sales price for a home in California increased 2.6 percent to $281,000 from $274,000 in June and was 11.5 percent higher than the median price of $252,000 posted in July of 2011. It was the fifth consecutive increase in year-over-year prices in the state following 18 months of declines.
The statewide current cycle peak price was $484,000 in early 2007, while the low during the current cycle was $221,000 in July 2009.
Tags: California real estate, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment