Closed escrow sales of existing, single-family detached homes in California dropped 4.1 percent to a seasonally adjusted 458,440 units in July, according to information collected by C.A.R. from more than 90 local REALTORÂ® associations and MLSs statewide.Â July home sales were up 4.5 percent from the 438,850 units sold in July 2010.Â The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the July pace throughout the year.Â It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home sold in California dipped 0.3 percent in July to $294,230 from a revised $295,210 in June.Â Julyâ€™s median price was down 7.6 percent from the $318,550 recorded in July 2010.
Despite the uncertain outlook, interest rates are at near-record lows, and home prices are favorable. Well-qualified, motivated buyers who expect to own their home for more than a few years should carefully study their options now.