CA home sales and median price decrease in July
Source: 'California home sales and median price decrease in July as affordability crunch puts dent in housing market' www.car.org Originally released on August 16, 2016 at https://www.car.org/newsstand/newsreleases/2016releases/july2016sales
California home sales and median price decrease in July as affordability crunch puts dent in housing market
- Existing, single-family home sales totaled 415,840 in July on a seasonally adjusted annualized rate, down 4.1 percent from June and 5.1 percent from July 2015.
- July’s statewide median home price was $509,830, down 1.8 percent from June and up 3.9 percent from July 2015.
LOS ANGELES (August 16) – California home sales stumbled in July as low inventories and eroding affordability dragged down the housing market, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
“Despite the tight housing supply conditions that have persisted over the past few years, home sales have stayed relatively solid,” said C.A.R. President Pat “Ziggy” Zicarelli. “Even with a shortage of homes on the market, low rates and strong demand have been the norm. Some regions, such as the Bay Area, are seeing an uptick in inventory as high prices are motivating sellers to list their properties for sale. While this could ease the inventory somewhat, supply remains tight, and low affordability is expected to be an issue in the short term.”
Other key points from C.A.R.’s July 2016 resale housing report include:
• C.A.R.’s Unsold Inventory Index, which indicates the number of months needed to sell the supply of homes on the market at the current sales rate, inched up to 3.6 months in July from 3.2 months in June. The index stood at 3.3 months in July 2015.
Graphics (click links to open):
Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.
July 2016 County Sales and Price Activity
r = revised
July 2016 County Unsold Inventory and Time on Market
Blog Archive2018-11-13 08:33:28
Economists weigh in on the real estate market
Why waiting to buy can hurt your retirement
The number one reason for mortgage declines
The holidays may decide the fate of the housing market
What will affect home values?
Housing tipping to buyer's market
Why Prop 5 restores fairness to tax system
Is a 'Generational Housing Bubble' Taking Shape?
How high will home prices go?
Are Homes More Affordable Than We Thought?
What home sellers can expect in 2018
Most say tax law will change their plans to buy a home
SD home prices rising at third-highest rate in nation
5 Changes Under the New Tax Law
No Housing Bubble...Yet
San Diego home price increases outpace nation
Homebuyers rush to riskier mortgages
Why It's a Better Time for Buyers on a Budget to Purchase a Home
My newfound purpose
Is it time to sell, San Diego?
The American Dream
Why are renters staying put?
Homeowner Value Estimates vs. Appraisals
San Diego 8th Hottest Real Estate Market
8 Questions to Ask When Deciding to Rent or Buy
Click here to see ALL articles.