California Home Prices Dip

Published by: Kelly Curtis on 17th Aug 2011 | View all blogs by Kelly Curtis
California Home Prices Dip

Real estate tracking firm DataQuick reported Wednesday that home prices in California fell once again in July as foreclosures and other distressed properties continued to account for more than half of the overall market.  The median price paid for all homes across the state last month was $252,000, down 0.4 percent in June and almost 6 percent from July 2010.  The figure includes new and previously owned homes, condos and townhomes.

The median price represents the midway point in prices, meaning half the homes sold were above this price and half sold for less.  The figure has now fallen for 10 straight months.  During the current real estate cycle, the lowest median reported for California homes was $221,000, reached in April 2009, and the peak was $484,000, set in the early part of 2007.

There were a total of just under 34,700 homes and condos sold in California in July, down 11 percent from June and 1.4 percent from last July.  A significant decline in sales from June to July is typical, insiders say, as June marks the end of the spring buying season.  Of the previously occupied homes sold last month, nearly 35 percent had been seized by banks during the last year, down slightly from June and from July 2010, and well below the highest such rate reported, 58.5 percent in February 2009.

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