California home sales decline in July, but still higher than a year ago, C.A.R. reports

Published: August 22, 2011

LOS ANGELES (Aug. 15) – California home sales fell in July but were up from the previous year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
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 C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. 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 home sales.

“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 housing market,” Appleton-Young added.

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.

“Despite the uncertain outlook, interest rates are at near-record lows, and home prices are favorable,” said C.A.R. President Beth L. Peerce. “Well-qualified, motivated buyers who expect to own their home for more than a few years should carefully study their options now.”

Other aspects of C.A.R.’s resale housing report for July 2011 include:

  • The Unsold Inventory Index for existing, single-family detached homes was 5.5 months in July, up from 5.0 months in June, but essentially unchanged from July 2010’s 5.6-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
  • Thirty-year fixed-mortgage interest rates averaged 4.55 percent during July 2011, virtually unchanged from 4.56 percent in July 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.97 percent in July 2011, compared with 3.73 percent in July 2010.
  • The median number of days it took to sell a single-family home was 52.1 days in July 2011, compared with 42.4 days for the same period a year ago.
  • View Unsold Inventory by price point.

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes in June may exhibit unusual fluctuation.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

# # #

July 2011 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

 

Jul-11Median Price of Existing
Single-Family Homes
Sales
State/Region/CountyJulyJun-11JulyMTM%
Chg
YTY%
Chg
MTM%
Chg
YTY%
Chg
20112010
California
Single-family (SAAR)
$294,230$295,210r$318,550r-0.30%-7.60%-4.10%4.50%
California
Condo/Townhomes
$232,290$236,260r$253,150r-1.70%-8.20%-12.80%-2.90%
Los Angeles
Metropolitan Area
$279,700$276,230$295,2301.30%-5.30%-12.40%-2.10%
Inland Empire$172,290$172,800$183,460r-0.30%-6.10%-10.60%0.80%
San Francisco
Bay Area
$495,250$539,880$570,030r-8.30%-13.10%-13.60%0.90%
San Francisco
Bay Area
Alameda$462,890$485,870$535,710-4.70%-13.60%-9.60%1.30%
Contra-Costa
(Central County)
$618,420$658,700$713,480-6.10%-13.30%-11.50%3.20%
Marin$761,030$843,080$822,670-9.70%-7.50%-20.50%0.00%
Napa$334,780$350,000$391,670-4.30%-14.50%-13.80%-12.10%
San Francisco$648,330$695,910$694,120-6.80%-6.60%-9.10%5.60%
San Mateo$746,000$750,000$816,000-0.50%-8.60%-13.70%6.90%
Santa Clara$613,500$635,000$630,000-3.40%-2.60%-20.40%-12.40%
Solano$190,560$189,790$212,9600.40%-10.50%-8.20%16.30%
Sonoma$333,490$327,430$370,4301.90%-10.00%-10.10%13.70%
Southern California
Los Angeles$317,060$301,300$331,420r5.20%-4.30%-16.00%-4.70%
Orange County$551,510$534,680$568,970r3.10%-3.10%-11.70%-6.10%
Riverside County$200,910$202,910$212,570-1.00%-5.50%-14.60%0.40%
San Bernardino$135,150$129,570$144,6304.30%-6.60%-2.90%1.50%
San Diego$375,330$377,550$389,440-0.60%-3.60%-7.20%4.40%
Ventura$421,870$443,290$444,230-4.80%-5.00%-0.60%7.70%
Central Coast
Monterey$250,000$287,500$270,000-13.00%-7.40%-6.10%-1.90%
San Luis Obispo$355,620$364,750$395,350r-2.50%-10.00%1.60%24.30%
Santa Barbara$418,750$421,430$400,000r-0.60%4.70%0.50%1.00%
Santa Cruz$460,000$540,000$510,000-14.80%-9.80%-26.30%-16.30%
Central Valley
Fresno$139,470$138,040$150,0001.00%-7.00%-14.30%4.50%
Kern (Bakersfield)$138,450$138,000r$144,7000.30%-4.30%-9.70%-1.40%
Kings County$114,290$154,000$178,000-25.80%-35.80%-16.70%18.60%
Madera$92,500$122,000$146,670-24.20%-36.90%2.40%-41.70%
Merced$113,080$114,210$107,780-1.00%4.90%-17.10%-37.40%
Placer County$264,380$266,560$287,640-0.80%-8.10%-2.80%11.80%
Sacramento$168,060$165,850$186,1801.30%-9.70%-8.90%15.60%
San Benito$242,500$249,000$265,000-2.60%-8.50%13.30%0.00%
Tulare$114,230$121,520$130,790-6.00%-12.70%-3.40%26.50%
Other Counties
in California
Amador$170,000$152,500$200,00011.50%-15.00%20.50%46.90%
Butte County$196,430$221,050$235,710-11.10%-16.70%-1.00%12.50%
Humboldt$233,000$243,750$250,000-4.40%-6.80%-18.00%30.40%
Lake County$118,890$85,620$140,77038.90%-15.50%-9.90%-5.20%
Tuolumne$177,500$166,000$210,4206.90%-15.60%-24.60%-7.50%
Mendocino$214,290$181,430$240,00018.10%-10.70%12.80%46.70%
Shasta$154,710$156,840$164,500-1.40%-6.00%-13.70%12.70%
Siskiyou County$130,000$140,000$155,000-7.10%-16.10%0.00%7.10%
Tehama$131,430$87,500$100,00050.20%31.40%2.20%76.90%

 

July 2011 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

 

Jul-11Unsold
Inventory
Index
Median
Time on
Market
State/Region/CountyJulyJun-11Jul-10JulyJun-11Jul-10
20112011
California Single-family (SAAR)5.555.652.150.442.4
California Condo/Townhomes6.15.26.25857.547
Los Angeles Metropolitan Area5.85.45.355.254.440.4
Inland Empire4.84.64.9r44.847.331.9
San Francisco Bay Area4.84.35.3r53.449.949.6
San Francisco Bay Area
Alameda4.444.573.865.365.5
Contra-Costa (Central County)4.64.3576.177.481.5
Marin6.35.1757.252.559.7
Napa9.37.896157.770.3
San Francisco54.86.149.445.544.7
San Mateo4.13.74.927.12624.6
Santa Clara43.34.125.624.523.9
Solano54.55.746.448.343.2
Sonoma6.55.97.369.662.967.1
Southern California
Los Angeles5.85.45.7r54.652.743.3
Orange County7.56.66.1r77.87567.4
Riverside County4.84.34.65353.442.5
San Bernardino4.84.95.140.746.628.9
San Diego6.76.47.149.950.741.6
Ventura6.86.65.369.162.256.6
Central Coast
Monterey5.85.56.536.532.326
San Luis Obispo5.86.28.353.659.758
Santa Barbara6.96.9774.856.352.5
Santa Cruz7.55.47.136.14139.2
Central Valley
Fresno5.75N/A38.439.732
Kern (Bakersfield)4.54.2r4N/AN/AN/A
Kings County5.64.76.555.245.559
Madera4.94.77.744.557.140.2
Merced5.34.23.529.740.925.3
Placer CountyNAN/AN/AN/AN/AN/A
Sacramento2.42.43.540.835.131.1
San Benito4.85.84.825.747.333.1
Tulare5.457.232.834.325.8
Other Counties in California
Amador78.211.858.655.283.6
Butte County6.76.78.152.245.548.7
Humboldt10.2813.752.846.436.3
Lake County8.87.58.559.19256.4
Tuolumne12.48.912.963.94765.1
Mendocino9.610.516.486.863.171.9
Shasta6.25.5942.741.236.9
Siskiyou CountyN/AN/AN/AN/AN/AN/A
Tehama7.37.412.844.250.847.6

 


Last modified: August 22, 2011 at 8:16 am | Originally published: August 22, 2011 at 8:16 am
Printed: September 29, 2020