Industry News

California real estate sales, prices ease in July

But month still hotter than a year ago

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Existing-home sales and median prices fell from June to July in California, the California Association of Realtors trade group reported today. Median prices dropped 0.4 percent – from $543,120 in June to $540,900 – but are up 17.1 percent since July 2004, the association announced. Meanwhile, the association reported 647,910 closed escrow sales of existing, single-family detached homes in July, down 1.3 percent since June and up 1.3 percent since July 2004. "July increases in the median price of a home followed the trend we've experienced for most of this year," Jim Hamilton, president of the state trade group, said in a statement. "Mortgage interest rates remain lower than a year ago and the inventory of homes for sale has improved slightly compared to the historic lows of 2004. Both the national and state economies are doing better than a year ago, and household incomes are improving," he said. "These are all contributing to the continued strength of the housing marke...