California Housing Recovery Remains Tepid
SACRAMENTO, Calif. – The California Association of Realtors reported California home sales fell by more than 4% on a month-to-month seasonally adjusted basis for July, but when compared to July 2010, they were up 4.5%.
The data show there were 458,000 units sold on a seasonally adjusted basis, compared with 438,850 one year prior.
CAR said the median price for a single-family detached home slipped slightly to $294,230 from June's $295,210, but was down nearly 8% from June 2010's $318,550. CAR's unsold inventory index for July was 5.5 months, compared with 5.0 months in June. The median number of days it took to sell a single-family home in the state was 52.1 days in July, up from 42.4 days one year prior.