California Housing Recovery Continues Full Throttle

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

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

Foreclosure resales represented 8.4rnpercent of all sales during the month, the lowest level since Julyrn2007. Such sales peaked at 58.8 percent of the market in Februaryrn2009. Short sales also fell to a 14.6 percent share, down from 15.7rnpercent in June and 26.0 percent in July 2012.</p

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

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