July California Home Sales Highest Since August 2006; 13 Consecutive Monthly Sales Increases
DQNews -- An estimated 45,079 new and resale houses and condos were sold statewide last month. That was up 2.1% from 44,167 in June, and up 14.1% from 39,507 for July 2008. Sales have increased on a year-over-year basis the last thirteen months. Last month's sales were the highest for any month since 51,054 homes were sold in August 2006. The median price paid for a home last month was $250,000, up 1.6% from $246,000 in June, and down 21.4% from $318,000 for July a year ago. The upturn in median the last three months is the result of a relative increase in sales of more expensive homes.
Originally posted at Carpe Diem.
4 Comments:
The house next door just sold. After spending 2 years gutting and renovating it and listing for longer than a year, the seller took a price significantly below what they paid for it. Big loss, but they finally capitulated.
capitulation == inflection
Dr Perry,
What % of the sales come from first time homebuyer's credit which expires in Novemer? Could this be the same principle as Cash for Clunkers: sales that would have happened later anyway are pushed to the present in order to take advantage of the free money?
I also am reporting capitulation. There are no homes for sale in my Henderson, LV subdivision. None. The last two went in June (~120 homes) in this neck of the woods. The data you read about in Vegas (my neighborhood was built in 1996) are new, never inhabited damaged REOs.
http://www.campbellsurveys.com/AgentSummaryReports/AgentSurveyReportSummary-June2009.pdf
A great read for those wishing to get as close to the source as possible, with regards to the current real estate situation.
This survey PDF was compiled by surveying those that are knee-deep in the Real Estate market, day-in and day-out, not the PR representative of the NRA. The result is a no-spin, clear look at the now fractured RE market in the US. I consider the US Real Estate market to now exist as four markets. They are:
- Damaged REO
- Move-In Ready REO
- Short Sales
- Non-distressed properties.
Which is why the statistics on Housingtracker.net are no longer worth considering, as they once were, and why I’m getting more than a little annoyed at pundits that make doomsday predictions based on generalized housing data.
We've bottomed. Deal with it.
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