California Median Home Price Increases, Sales Decrease in July

The California Association of Realtors, (C.A.R.) reported Tuesday that the median home price of existing, single-family homes in California rose 10.4 percent in July compared with the year prior and home sales declined 20.8 percent.

Closed escrow sales of existing, single-family detached homes in California totaled 440,370 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.  The statewide sales figure represents what the total number of homes sold during 2010 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The year-over-year statewide median home price posted its ninth consecutive gain and seventh consecutive double-digit gain in July.  The median price of an existing, single-family detached home in California during July 2010 was $314,850, up 0.9 percent compared with June’s $311,950 median price.