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 August 02, 2009

July 2009: Mid- Year Market Summary
Across the state, the California housing market exhibited additional signs of a recovery from the worst of the housing market slowdown. Median prices on homes showed increases for the fourth consecutive month while sales of existing homes reported marked year over year and year to date increases.
The median price for a home in the state stood at its highest level to date this year at $274,740. This price point is just over 4% higher that in the month of May when the price was at $263,600. Even though the median price was below the previous year, (Nearly 26.5% less) fluctuations in price have shown to be not as severe as in recent months. The price decrease reported in June was the smallest since February of 2008.

Sales in June dropped six percent from May sales. However, reflected just over a 20% increase over 2008 figures. Sales for the first portion of the year exceeded 2008 figures by over 50%. Total sales for 2009 are expected to beat 2008 figures by 25%.