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Hard-Hit California Sees Boost With July Sales, Prices

Home sales and prices climbed in California in July, with median prices nearing a four-year high, according to the ""California Association of Realtors"":http://www.car.org/.


The trade group found closed escrow sales approaching a seasonally adjusted annual rate of 529,230 in July for single-family homes, up 2 percent from June.

Sales ticked up to 15.3 percent in July year-over-year. That month marked the fifth straight time that California's median


home price went up month-over-month and year-over-year.

Statewide median prices for existing, single-family homes increased 4.2 percent to $333,860 in July, up 12.7 percent from a revised $296,160 year-over-year.

Median prices in July also soared highest since August 2008, when median prices went up to $352,730. July also posted median prices above $300,000 for the fourth consecutive month.

""It's hard to generalize the state of California's housing market because the markets are so diverse and are performing so differently,"" CAR President ""LeFrancis Arnold"":http://www.car.org/aboutus/carleadership/lefrancisarnold/ said in a statement. ""REO-dominated areas such as those in the Inland Empire and Central Valley are experiencing sales constraints due to an extreme shortage of available homes.

""On the other hand, a robust economy in the San Francisco Bay area and a relatively larger inventory at higher price levels is helping to fuel sales and prices,"" he added.

*What do you make of recent increases for home sales in hard-hit California?* Are we on our way out of a housing downturn? Sound off by writing us at editor@themreport.com.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

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