Home prices on the rise

Home sales increased 12 percent in July in California compared with the same period a year ago, according to the latest sales and price report released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

·   Closed escrow sales of existing, single-family detached homes in California totaled 553,910 in July at a seasonally adjusted annualized rate.  The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the July pace throughout the year.

·   Many housing analysts believe the first-time home buyers tax credit has helped fuel home sales in recent months.  According to a survey of first-time home buyers, nearly 40 percent reported they would not have purchased a home if the tax credit was not offered.  Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers.

·   The median price of an existing, single-family detached home in California declined 19.6 percent in July compared with July 2008, but rose 3.9 percent compared with June.  The median price statewide during July 2009 was $285,480.  July marked the fifth consecutive month of month-to-month increases in the median price and the smallest yearly decline in 19 months.

·   C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

·   Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.
County Properties 23 years of brokerage experience and trust. We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also. Please feel free to contact me today for free counseling at our website, click.  County Properties San Diego or County Properties Riverside