July 16,2015-
California home sales reach highest level in two years, experience first double-digit increase since May 2012
LOS ANGELES (July 15) – Sales of existing, single-family homes in June reached the highest level in two years and experienced the first double-digit increase since May 2012, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Home sales in the state have risen year over year for five straight months.
The June figure – 437,000 homes increased 3.3 percent from the revised 423,000 level in May and 11 percent compared with home sales in June 2014 of 393,820. The year-to-year change is significantly higher than the previous 6-month average increase of 4.3 percent observed from December 2014-May 2015.
In our reading area San Luis Obispo County home sales jumped an impressive 24.6% year over year and 19.7% from May 2015.The median price of homes sold in SLO County was $534,650 – up 7% from May at $498,000.
In Tulare County sales jumped 11.55% month over month and were up 8% year over year. The median price was $194,170 – up 10% from a year ago when it was $176,000.
“Home prices continue to improve but at a more moderate rate compared with the previous year,” said C.A.R. President Chris Kutzkey. “However, in areas such as the San Francisco Bay Area where tight inventory is fueling stiff competition and generating multiple offers, home prices are still rising at or near double-digit rates, and creating a challenging environment for potential buyers in the region. “
The median price of an existing, single-family detached California home edged up in June from both the previous month and year for the fifth consecutive month. The median home price was up 0.8 percent from $485,830 in May to $489,560 in June, the highest level since November 2007. June’s median price was 7 percent higher than the revised $457,700 recorded in June 2014. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.