CA Real Estate Recovery: 10th Consecutive Month of Sales Gains, Fourth Month of Rising Prices
LOS ANGELES (July 27) -- June home sales increased 20.1% in California compared with the same period a year ago, while the median price of an existing home declined 26.4%, the California Association of Realtors (C.A.R.) reported today.
“Many first-time buyers, especially those who were previously priced out of certain areas, are realizing that tax credits from both the state and federal governments, increased affordability, and low interest rates are creating a prime time to purchase a home,” said C.A.R. President James Liptak. “June marked the 10th consecutive month of positive sales gains, and the fourth month of rising median home prices (MP: both compared to the previous month)."
Other highlights of the June report include:
- Sales have increased year-over-year for 15 consecutive months (my calcuation).
- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in June 2009 was 4.1 months, compared with 7.6 months for the same period a year ago (see chart below). The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- The median number of days it took to sell a single-family home was 44.3 days in June 2009, compared with 49 days (revised) for the same period a year ago.