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California Housing Recovery Continues Full Throttle in July

Home sales in California surged by 17.3 percent in July DataQuick said today, rising from 41,027 sales of new and existing houses in June to 48,118 in July. The San Diego based company reported that July sales were 21.7 percent higher than 12 months earlier and were the highest for any month since August 2006.

There were also the highest for any July since 66,929 homes sold in July 2005 and were 3.8 percent above the July average, which dates back to 1988, of 44,364 units. DataQuick said it was the first time sales had beaten an average for any moth since September 2006.

Foreclosure resales represented 8.4 percent of all sales during the month, the lowest level since July 2007. Such sales peaked at 58.8 percent of the market in February 2009. Short sales also fell to a 14.6 percent share, down from 15.7 percent in June and 26.0 percent in July 2012.

The median price paid for a home in California in July was $363,000, 3.1 percent above the June median of $352,000 and up 29.2 percent from 12 months earlier when the median was $281,000. July marked the 17th consecutive month in which the median price rose on an annual basis. The highest median in the state was recorded in March, April, and May of 2007 at $484,000, The post-peak trough was $221,000 in April 2009.

Southern California home sales surged in July, rising to an eight-year high for that month as buyers found more homes for sale. ... A total of 25,419 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 17.6 percent from 21,608 sales in June, and up 23.5 percent from 20,588 sales in July 2012, according to San Diego-based DataQuick.

Last month’s sales approached a historically normal level. They were 0.5 percent below the average number of sales – 25,541 – in the month of July since 1988, when DataQuick’s statistics begin. Southland sales haven’t been above average for any particular month in more than seven years.

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