Existing home sales in California rose 7% in July from
DataQuick, which uses a different methodology of gathering data, showed sales rising 17.3% from June and 21.8% from July 2012.
The San Diego-based company said there were 48,118 new and resold houses and condos in transactions in July, the best month for sales since August 2006 and highest total for any July since 2005.
The California Association of Realtors uses seasonally adjusted annualized numbers to make its calculations. It found existing sales of 443,520 units in July. The numbers represent the first year-over-year monthly increase since December 2012.
CAR president Don Faught explained, “The spike in interest rates in June prompted homebuyers to delay escrow closings in hopes rates would fall back. As buyers recognized rates had stabilized, they moved forward to close escrow, which lifted July’s sales from both the previous month and year.”
The median price of existing single-family detached home sold in July according to CAR was $433,740, up 1.2% from June and 29.8% from July 2012. DataQuick had the median price at $363,000, up 3.1% from June and 29.2% from July 2012. Both measurements show 17 consecutive months of year-over-year price gains in the state.
Distressed sales, according to DataQuick were 23% of existing home transactions in July, with 8.4% foreclosure resales and 14.6% short sales.
Leslie Appleton-Young, CAR chief economist, said, “Looking ahead, we should continue to see strong price growth but at a less accelerated pace than what we’ve experienced over the past year. Inventory levels are starting to build in some areas as price gains free up previously underwater homes and encourage homeowners reluctant to list because of the scarcity of homes to purchase.”
