California Housing Recovery Continues Full Throttle

Home sales in California surged by 17.3
percent in July
DataQuick said today, rising from 41,027 sales of new
and existing houses in June to 48,118 in July. The San Diego based
company reported that July sales were 21.7 percent higher than 12
months earlier and were the highest for any month since August 2006.

There were also the highest for any
July since 66,929 homes sold in July 2005 and were 3.8 percent above
the July average, which dates back to 1988, of 44,364 units.
DataQuick said it was the first time sales had beaten an average for
any moth since September 2006.

Foreclosure resales represented 8.4
percent of all sales during the month, the lowest level since July
2007. Such sales peaked at 58.8 percent of the market in February
2009. Short sales also fell to a 14.6 percent share, down from 15.7
percent in June and 26.0 percent in July 2012.

The median price paid for a home in
California in July was $363,000, 3.1 percent above the June median of
$352,000 and up 29.2 percent from 12 months earlier when the median
was $281,000. July marked the 17th consecutive month in
which the median price rose on an annual basis. The highest median
in the state was recorded in March, April, and May of 2007 at
$484,000, The post-peak trough was $221,000 in April 2009.

Article source: http://www.mortgagenewsdaily.com/08162013_california_real_estate.asp

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