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REALTOR®: California home sales and prices receive another boost in July

Wednesday, August 22, 2012

California home sales and prices received another boost in July, as the statewide sales pace rose year-over-year for the fourth consecutive month and the state's median price reached a near-four-year high. The San Francisco Bay area showed the strongest sales and median price gains.

Closed escrow sales of existing, single-family detached homes reached 529,230 units in July, up 2 percent from 518,680 in June, according to information received by the California Association of REALTORS® from more than 90 local REALTOR® associations and MLSs statewide. July's sales increased 15.3 percent from revised total of 459,140 sales in July 2011. 

The California median price of an existing, single-family detached home was $333,860 in July, an increase of 4.2 percent from $320,540 in June, and up 12.7 percent from $296,160 in July last year. The July 2012 median price was the highest since August 2008, when the median price reached $352,730. It also was the fifth straight month that California's median home price increased from the previous month and year.

July home sales in the San Francisco Bay Area rose 12.5 percent from July 2011, but were down 6.8 percent from June sales. The median price of an existing single-family home was $579,540, up 0.3 percent from the June median of $577,640 and up 17.2 percent from the July 2011 median of $494,640.

"The market shows definite improvement from last year. Many of our members report more activity and multiple offers. Comments we receive are not about the price, but about being outbid by other buyers," said Suzanne Yost, president of the Silicon Valley Association of REALTORS®.

Santa Clara County home sales increased 13.5 percent from that of the previous year, but sales were down 6 percent from June. Santa Clara County's July median of $690,000 increased 13.7 percent from the July 2011 median of $607,000.

Contra Costa and Sonoma counties had the highest boost in sales from the previous year, up 25.8 percent and 22.8 percent, respectively. At $419,230, Napa County's median had the highest year-over-year gain in the Bay Area, up 25.2 percent from last year. San Mateo County's July home sales rose 9.4 percent from the previous year, but were down 10.4 percent from June. The July median sales price for a San Mateo County existing single-family home was $801,500, up 9.8 percent from $729,900 last year and 2.8 percent below the June median of $825,000.

"Even as we see home prices rising in comparison to last year, buyers should not get discouraged because interest rates continue to remain at historic lows," says Yost.

The 30-year fixed-mortgage interest rate averaged 3.55 percent in July, down from 3.68 percent in June and 4.55 percent in July 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.69 percent in July, down from 2.76 percent in June and down from 2.97 percent in June 2011.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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