California home sales decline 11% in July

by KERRI PANCHUK

California home sales fell 11% in July with 34,695 homes sold last month compared to 38,975 in June, real estate data firm DataQuick said Wednesday.

On a year-over-year basis, home sales dropped 1.4% from 35,202 in July of 2010. DataQuick considers the June-to-July drop inline with normal seasonal expectations.

While the median home price remained relatively unchanged, dropping to $252,000 in July from $253,000 in June, it's still down 6% from $268,000 a year ago.

The median sales price on a year-over-year basis has fallen in each of the past 10 months. The median price peaked at $484,000 in early 2007 before plummeting to $221,000 in April 2009.

Despite the sales price going up from the trough of the recession, existing homes sales still include a large number of distressed assets, with foreclosures representing 34.6% of the homes sold in California in July. That is down from 35.1% in June and 35.2% a year ago.

Meanwhile, short sales made up 17.3% of all resales in July.

URL to original article: http://www.housingwire.com/2011/08/17/california-home-sales-decline-11-in-july

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