CAR Reports June Homes Sales Increased 20.1%

Home sales increased 20.1% in June in California compared with the same period a year ago, while the median price of an existing home was $274,740, a decline of 26.4% from May 2009, according to the California Association of Realtors. Closed escrow sales of existing, single-family detached homes totaled 514,110 in June. The June 2009 median price rose 4.2% compared with May's $263,600 median price. CAR's Unsold Inventory Index for homes in June 2009 was 4.1 months, compared with 7.6 months in June 2008. "The statewide median price for existing condos increased for the third consecutive month in June, while sales climbed 27% compared with last year," said CAR president James Liptak. "Both of these trends are indicative of increased interest in condos on the part of first-time and other buyers." The median number of days it took to sell a single-family home was 44.3 days in June 2009, compared with 49 days a year ago.