Industry News

California home sales slide 23% in July

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Sales of single-family resale homes dropped 22.7 percent in July 2007 compared to the sales pace for that month last year, and liquidity problems in the mortgage market will likely continue to pull down sales, the California Association of Realtors trade group reported today. Also, the inventory of for-sale existing homes in the state reached 10.7 months in July, compared with 7.3 months for that month last year. The association's Unsold Inventory Index rating for July indicates that it would take about 11 months to sell the July inventory of for-sale homes, given that month's sales pace. A supply greater than six months is generally said to indicate a buyer's market or a market with more supply than demand, with a supply below six months indicating a seller's market or a market with more demand than supply. The association reported a seasonally adjusted annual rate of 350,980 closed escrow sales of existing, single-family detached homes in the state in July, compared with ...