On August 17, 2012, California Association of Realtors (C.A.R) reported that home sales in California were higher 2.0% from June of 2012, and increased 15.3% from July 2011.
There were 3.4 months supply of available inventory of homes in July 2012, lower than 3.5 months supply in June of 2012, and lower than 5.6 months supply from July of 2011. On average, it took 43.2 days to sell a home in July of 2012, versus 43.4 days in June 2012, and 51.9 days for the same time in July 2011.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young stated, “The strong performance in the median price over the past few months reflects a sales shift away from homes in the lower price ranges of the market due to stark inventory toward sales of homes priced above $500,000,”
CAR’s July home sales report is a very encouraging news. It appears that home buyers liked historic low interest rates and lower priced distressed properties in July of 2012, helped more buyers to purchase homes; a sign of the market showing some improvement.
For a complete more detailed information about the California Association of Realtors’ July 2012 home sales report, please visit http://www.car.org/newsstand/newsreleases/2012releases/julysales