Valley home sales fall in July

Source: The Business Journal

Home sales slipped throughout the Valley in July, even as housing inventory continued to grow. According to a new report from the California Association of Realtors, home sales in Fresno County declined 1.7 percent from June to July and 12.6 percent compared to July 2013. The price of a median home in Fresno County stood at $201,530 in July, up 0.2 percent from $201,080 the prior month and up 9.6 percent from $183,870 a year ago. Sales in Tulare County fell 0.7 percent during the month but increased 3.1 percent in the year-over-year comparison. The county's median home price fell 1 percent in July to $174,670 from June's price of $176,520. That's still up 11.2 percent from $157,140 a year ago. Kings County saw its home sales come down 12.7 percent from June, still up 1.5 percent from last year. The median price of a home in the county stood at $175,450 in the month, down 9.8 percent from $194,440 but up 1.2 percent from $173,330 a year ago. Home sales in Madera County were down 15.4 percent compared to June and 43.6 percent year-over-year. The county's median home price was up 2.4 percent in the month, going from $206,250 in June to $211,110 in July. That's also 20.1 percent higher than $175,710 last year. Home sales may have dropped in July but the available supply of houses was on the rise. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.8 months in July, up from 4.5 months in June and 3.5 months in July 2013. Tulare County's index was up to 4.1 months in July compared to 3.9 months in June and 3.5 months a year ago. Kings County's index stood at 3.8 months in July, up from 3.5 months in both the month and year before. Madera County's index increased to 4.8 months compared to 3.9 months in June and 2.2 months last year. Statewide, home sales totaled 398,940 units in July, up 1.2 percent from 394,250 in June but down 10 percent from 443,500 in July 2013. "It's encouraging that home sales have risen in the past two months, but low housing affordability and stringent underwriting standards are still holding back sales," said C.A.R. President Kevin Brown. "However, recent news of changes to how credit scores are determined should make it easier for first-time buyers who are on the cusp of qualifying and others who are having a difficult time getting a loan because their credit scores are less than satisfactory."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/13474-valley-home-sales-fall-in-july 

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