California home sales increased 1.2% on a seasonally adjusted basis between May and June, according to the California Association of Realtors.
When compared with June 2010, sales were down 3.6%.
There were 477,710 units sold in June on a seasonally adjusted basis, with the median sales price increasing 1% between May and June to $295,300.
While California sales have been on an upswing on a month-to-month basis, CAR president Beth L. Peerce said the upcoming decrease in the conforming loan limits Sept. 30 could adversely affect the market in the state, as buyers seeking homes in the $500,000 to $1 million range will face more mortgage financing constraints after the limits decline.
However, before Sept. 30, buyers rushing to try to get to market ahead of the loan limit change could spur some sales.
