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LOS ANGELES (August 24, 2010) – California home sales decreased 20.8 percent in July compared with the same period a year ago, while the median price of an existing home rose 10.4 percent from July 2009, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“July’s sales decrease was not unexpected, given the strong sales activity we saw in May when buyers took advantage of expiring federal and state home buyer tax credits,” said C.A.R. President Steve Goddard. “This likely pulled forward sales that otherwise would have closed in June or July. ”Even without tax incentives, buyers waiting on the sidelines should take advantage of historically low interest rates and current home prices,” he said.
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. Statewide home resale activity decreased 20.8 percent from the revised 555,780 sales pace recorded in July 2009. Sales in July 2010 decreased 10.9 percent compared with the previous month.
| Trough vs. Current Price — July 2010 | ||||
| Region | Trough Month | Trough Price | Jul-10 Median | % Chg From Trough |
| San Francisco Bay Area | Feb-09 | $399,040 | $607,510 | 52.20% |
| Monterey Region | Feb-09 | $241,130 | $344,740 | 43.00% |
| Santa Clara | Feb-09 | $445,000 | $630,000 | 41.60% |
| Palm Springs/Lower Desert | Apr-09 | $150,140 | $194,320 | 29.40% |
| CALIFORNIA | Feb-09 | $245,230 | $314,850 | 28.40% |
| Ventura | Feb-09 | $359,630 | $444,230 | 23.50% |
| Riverside/San Bernardino | Apr-09 | $156,840 | $190,870 | 21.70% |
| Orange County | Jan-09 | $423,100 | $514,180 | 21.50% |
| High Desert | May-09 | $106,210 | $128,950 | 21.40% |
| San Diego | Mar-09 | $326,830 | $389,440 | 19.20% |
| Northern Wine Country | Feb-09 | $310,950 | $367,690 | 18.20% |
| Los Angeles | Mar-09 | $295,100 | $345,410 | 17.00% |
| San Luis Obispo | Apr-09 | $338,160 | $383,720 | 13.50% |
| Sacramento | Apr-09 | $167,340 | $186,180 | 11.30% |
| Northern California | May-09 | $243,200 | $247,520 | 1.80% |
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, a 10.4 percent increase from the revised $285,310 median for July 2009, C.A.R. reported. The July 2010 median price was up 0.9 percent compared with June’s $311,950 median price.
| Peak vs. Current Price — July 2010 | ||||
| Region | Peak Month | Peak Price | Jul-10 Median | % Chg From Peak |
| High Desert | Apr-10 | $334,860 | $128,950 | -61.50% |
| Monterey Region | Aug-10 | $798,210 | $344,740 | -56.80% |
| Riverside/San Bernardino | Jan-10 | $415,160 | $190,870 | -54.00% |
| Sacramento | Aug-10 | $394,450 | $186,180 | -52.80% |
| Palm Springs/Lower Desert | Jun-10 | $393,370 | $194,320 | -50.60% |
| CALIFORNIA | May-10 | $594,530 | $314,850 | -47.00% |
| Northern California | Aug-10 | $440,420 | $247,520 | -43.80% |
| Northern Wine Country | Jan-10 | $645,080 | $367,690 | -43.00% |
| Los Angeles | Aug-10 | $605,300 | $345,410 | -42.90% |
| San Luis Obispo | Jun-10 | $620,540 | $383,720 | -38.20% |
| Ventura | Aug-10 | $710,910 | $444,230 | -37.50% |
| San Diego | May-10 | $622,380 | $389,440 | -37.40% |
| Orange County | Apr-10 | $747,260 | $514,180 | -31.20% |
| San Francisco Bay Area | May-10 | $853,910 | $607,510 | -28.90% |
| Santa Clara | Apr-10 | $868,410 | $630,000 | -27.50% |
“The statewide median home price continues to hold steady, thanks to strong sales in the upper-price range, said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “However, we will likely see a slowdown in price appreciation for the remainder of the year as weaker sales will drive inventory higher,” she said.
| Unsold Inventory Index (Months) | |||
| Price Range (Thousand) | Jul-10 | Jun-10 | Jul-09 |
| $1 million+ | 10.4 | 9.2 | 10.1 |
| $750-1 million | 6.7 | 5.9 | 5.4 |
| $500-750,000 | 6.0 | 4.8 | 4.0 |
| $300-500,000 | 5.5 | 4.2 | 3.7 |
| $0-300,000 | 5.1 | 3.0 | 3.3 |
Highlights of C.A.R.’s resale housing figures for July 2009:
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 209 of the 352 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand.
Statewide, the 10 cities and communities with the highest median home prices in California during July 2009 were:
| Beverly Hills | $1,677,500 |
| Los Altos | $1,560,000 |
| Saratoga | $1,490,000 |
| Manhattan Beach | $1,490,000 |
| Palo Alto | $1,317,500 |
| Palos Verdes Estates | $1,200,000 |
| Newport Beach | $1,187,000 |
| Los Gatos | $1,147,500 |
| Mill Valley | $972000 |
| Rancho Palos Verdes | $920,000 |
| Santa Monica | $920,000 |
| Cupertino | $885,000 |
Statewide, the cities and communities with the greatest median home price increases in July 2009 compared to the same period a year ago were:
| Banning | 50% |
| San Bernardino | 45.7% |
| Poway | 35.5% |
| Encinitas | 30.4% |
| Colton | 30% |
| Tulare | 27% |
| Compton | 25.9% |
| La Puente | 25.7% |
| Glendale | 25% |
| Lake Forest | 24.3% |
*Regional Sales Data and Condo Sales Data Not Seasonally Adjusted
| Median Price | Percent Change in Price from Prior Month | Percent Change in Price from Prior Year | Percent Change in Sales from Prior Month | Percent Change in Sales from Prior Year | |||
| Jul-10 | Jun-10 | Jul-09 | Jun-10 | Jul-09 | |||
| Statewide | |||||||
| Calif. (sf) | $314,850 | 0.90% | 10.40% | -10.90% | -20.80% | ||
| Calif. (condo) | $259,660 | -3.00% | 0.00% | -16.30% | -13.30% | ||
| C.A.R. Region | |||||||
| High Desert | $128,950 | 2.70% | 16.50% | -17.60% | -40.00% | ||
| Los Angeles | $345,410 | 3.20% | 1.80% | -16.80% | -20.30% | ||
| Monterey Region | $344,740 | 1.90% | 21.50% | -15.00% | -28.70% | ||
| Monterey County | $270,000 | -1.50% | 17.40% | -20.10% | -32.00% | ||
| Santa Cruz County | $510,000 | 0.50% | -4.70% | -3.90% | -21.80% | ||
| Northern California | $247,520 | 0.00% | -7.70% | -18.70% | -8.50% | ||
| Northern Wine Country | $367,690 | 0.80% | 2.00% | -17.80% | -16.40% | ||
| Orange County | $514,180 | -0.70% | 2.80% | -14.50% | -12.60% | ||
| Palm Springs/Lower Desert | $194,320 | -2.10% | 19.20% | -17.20% | -22.20% | ||
| Riverside/San Bernardino | $190,870 | -0.50% | 15.40% | -13.40% | -29.90% | ||
| Sacramento | $186,180 | -5.10% | 1.30% | -23.20% | -26.30% | ||
| San Diego | $389,440 | -2.10% | 4.50% | -13.70% | -15.50% | ||
| San Francisco Bay | $607,510 | 1.90% | 11.30% | -14.00% | -17.00% | ||
| San Luis Obispo | $383,720 | -12.80% | -2.70% | -6.90% | -5.50% | ||
| Santa Barbara County | $386,360 | -3.40% | 2.10% | 5.70% | -5.10% | ||
| Santa BarbaraSouth Coast | $871,250 | -4.80% | -1.30% | 2.40% | 2.40% | ||
| NorthSanta Barbara County | $232,350 | -7.50% | -4.60% | 7.40% | -10.50% | ||
| Santa Clara | $630,000 | -0.50% | 7.30% | -8.40% | -18.50% | ||
| Ventura | $444,230 | -1.50% | -2.70% | -8.20% | -7.50% | ||
* Based on closed escrow sales of single‑family, detached homes only (no condos). Reported month‑to‑month changes in sales activity may overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.
| Statewide | Jul-10 | Jun-10 | Jun-09 | ||
| Calif. (sf) | $314,850 | $311,950 | $285,310 | r | |
| Calif. (condo) | $259,660 | $267,740 | $259,710 | r | |
| C.A.R. Region | |||||
| High Desert | $128,950 | $125,620 | $110,650 | ||
| Los Angeles | $345,410 | $334,800 | $339,430 | ||
| Monterey Region | $344,740 | $338,460 | $283,650 | ||
| Monterey County | $270,000 | $274,000 | $230,000 | ||
| Santa Cruz County | $510,000 | $507,500 | $535,000 | ||
| Northern California | $247,520 | $247,550 | $268,250 | r | |
| Northern Wine Country | $367,690 | $364,740 | $360,390 | ||
| Orange County | $514,180 | $517,620 | $500,210 | ||
| Palm Springs/Lower Desert | $194,320 | $198,570 | $163,080 | ||
| Riverside/San Bernardino | $190,870 | $191,900 | $165,460 | ||
| Sacramento | $186,180 | $196,220 | $183,840 | ||
| San Diego | $389,440 | $397,910 | $372,640 | ||
| San Francisco Bay | $607,510 | $595,980 | r | $545,810 | |
| San Luis Obispo | $383,720 | $440,000 | $394,440 | ||
| Santa Barbara County | $386,360 | $400,000 | $378,260 | r | |
| Santa BarbaraSouth Coast | $871,250 | $915,000 | r | $882,500 | |
| NorthSanta Barbara County | $232,350 | $251,140 | $243,480 | ||
| Santa Clara | $630,000 | $633,000 | $587,000 | ||
| Ventura | $444,230 | $450,930 | $456,440 |
sf = single‑family, detached home
r - revised
na - not available
Source: California Association of REALTORS®
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