The California Association of REALTORS today released their latest report on the California Real Estate market.
C.A.R. reports sales decrease 29.9 percent in July, median price of a home in California at $567,360, up 5.1 percent from year ago.
Here is some parts from the press release:
Today’s market is slowing as sellers maintain often unrealistic pricing expectations and buyers have more properties to choose from,” said C.A.R. President Vince Malta. “In addition, unlike the slowdown we experienced in the 1990s, homeowners today are not under duress to sell due to job losses. The urgency that characterized the market for the last few years is now gone for all but well-priced properties.”
“With inventory levels double that of a year ago, annual price appreciation for the state slowed from the double-digit rates we experienced throughout all of last year to single digits this year,” he said. “And in some regions of the state prices are down from a year ago. However, with a 7.5-month supply of homes for sale in July, we’re far below the peak of February 1991, when there was an 18-month supply on the market.”
There are some markets in California that did see appreciation in July too:
Statewide, the 10 cities and communities with the greatest median home price increases in July 2006 compared with the same period a year ago were: Taft, 58.1 percent; Hercules, 35.1 percent; Morgan Hill, 33 percent; Barstow, 32.1 percent; Mill Valley, 31.3 percent; San Juan Capistrano, 29.7 percent; Loma Linda, 28.3 percent; Lodi, 24.9 percent; Compton, 24.8 percent; Laguna Niguel, 24.8 percent; Inglewood, 24.3 percent.
Read the entire release here.