California home sales fell in July but were up from the previous year, as reported today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R).
The report states that closed escrow sales of existing, single-family detached homes in California dropped 4.1 percent to a seasonally adjusted 458,440 units in July which was gathered from more than 90 local REALTOR® associations and MLSs statewide. July home sales were up 4.5 percent from the 438,850 units sold in July 2010. 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. Adjustments are made to account for seasonal factors that typically influence home sales.
Even though July sales improved over last year, they were somewhat weaker than expected, given current prices and mortgage rates. Their is Economic uncertainty and recent developments in financial markets have caused hesitation among buyers. We must see sustained job and income gains along with an increase in consumer confidence before we can expect to see consistent improvement in the housing market.
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. July’s median price was down 7.6 percent from the $318,550 recorded in July 2010.
Other aspects of C.A.R.’s resale housing report for July 2011 include:
- The Unsold Inventory Index for existing, single-family detached homes was 5.5 months in July, up from 5.0 months in June, but essentially unchanged from July 2010’s 5.6-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- Thirty-year fixed-mortgage interest rates averaged 4.55 percent during July 2011, virtually unchanged from 4.56 percent in July 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.97 percent in July 2011, compared with 3.73 percent in July 2010.
- The median number of days it took to sell a single-family home was 52.1 days in July 2011, compared with 42.4 days for the same period a year ago.
- View Unsold Inventory by price point.
San Jose’s best restaurants will roll out the red carpet for new and regular customers during the DINE DOWNTOWN SAN JOSE event June 22-July 3. The “restaurant week” extends to 12 days, allowing patrons the opportunity to try out multiple three-course prix-fixe specialty meals at $20, $30 and $40.
All of the information about DINE DOWNTOWN and the prix-fixe menus are available at http://www.sjdowntown.com/dinedowntown.html.
New updated data released by Standard & Poor’s on Tuesday shows that home prices are continuing to slip across the country, with residential property values just slightly above their April 2009 bottom.
As reported both the 20-city and 10-city composite readings of the latest S&P/Case-Shiller home price index fell another 1.1 percent in February 2011 when compared to the previous month.
The 20-city composite is down 3.3 percent from its February 2010 level, while the 10-city posted a 2.6 percent drop from a year ago.
February marked the eighth straight month that the Case-Shiller readings have headed lower.
Economists have been forecasting a drop in the 20-city index of just over 3 percent, largely due to the elevated level of distressed properties on the market, which according to the National Association of Realtors sell at a median discount of about 20 percent. Ten of the 11 cities that set new lows in January 2011 saw new lows again in February.
Assessing the broader picture, S&P says with an index level of 139.27, the 20-city composite is virtually back to its April 2009 trough value (139.26), while the 10-city composite is 1.5 percent above its low.
The 20-city composite is within a hair’s breadth of a double dip.
Volunteer Income Tax Assistance (VITA) offers free tax help to low- and moderate-income (generally, $49,000 and below) people who cannot prepare their own tax returns. Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations. Most locations also offer free electronic filing.
Volunteers are trained to prepare basic 2010 Forms 1040EZ, 1040A, 1040 with Schedule A, B, limited Schedule CEZ, C and California State Income Tax returns ONLY.
To find a VITA site near you, download the VITA Sites and Schedules pdfor dial 2-1-1 from any phone in Santa Clara County. Most sites are walk-in (no appointment necessary). Questions? Call (408) 345-4311.
