Home sales increased 20.1 percent in June in California compared with the same period a year ago, while the median price of an existing home declined 26.4 percent, the California Association of REALTORS® (C.A.R.) reported this week.
Closed escrow sales of existing, single-family detached homes in the state totaled 514,110 in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. June marked the 10th consecutive month of positive sales gains, and the fourth month of rising median home prices.
"Many first-time buyers, especially those who were previously priced out of certain areas, are realizing that tax credits from both the state and federal governments, increased affordability, and low interest rates are creating a prime time to purchase a home," said C.A.R. President James Liptak.
The median price of an existing, single-family detached home in California during June 2009 was $274,740, a 26.4 percent decrease from the revised $373,100 median for June 2008, according to the report. The June 2009 median price rose 4.2 percent compared with May's $263,600 median price.
"Lower prices and higher loan limits both have had positive impacts on closed escrow sales," said Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS®. "Buyers too are realizing there is a golden opportunity out there for them with good interest rates, tax credits from the state and federal governments, including the monetization of the $8,000 first-time home buyer tax credit, which ends December 1."
The median number of days it took to sell a single-family home was 44.3 days in June 2009, compared with 49 days (revised) for the same period a year ago.
In the Santa Clara region, home sales were up 21.7 percent from May and up 28.9 percent from the prior year. The June median price for all types of home sales - new and existing, condos and single-family - was $455,000, down 30 percent from the same period last year. Five cities in the Silicon Valley region were among the top 10 cities with the highest median home prices in California during June 2009. They were: Los Altos, $1,398,000; Saratoga, $1,375,000; Palo Alto, $1,192,000; Cupertino, $1,020,000; and Los Gatos, $857,500.
"Serious buyers should talk to a REALTOR® who can explain the process, identify opportunities in your local market, and show you options that best fit your situation," said Keady, who is a REALTOR® with Alain Pinel Realtors in Palo Alto.
To find a REALTOR® in your area, visit www.silvar.org.
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.
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