Real Estate Statistics

July 2007
Regional Sales & Price Activity

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Median price up 3.2% and sales decreased 22.7 % compared to the same time a year ago for California statewide. Locally, median price rose 5.8% & sales declined by 23.8% from a year ago.

"The decline in sales we experienced in July continues to be driven by both tighter underwriting standards since the start of the year and the adverse psychological impact of news and information regarding increases in foreclosures and the subprime situation. "Although the median price posted an increase there is a disparity between the lower-priced or entry-level markets where prices generally are soft at best and sales have declined sharply, and some higher priced markets that continue to experience price appreciation along with somewhat smaller decreases in sales."

"With credit drying up in recent weeks, we expect further weakness in sales over the next few months," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "It is too early to say how long the current credit crunch will continue, but we are hopeful that we will avoid a prolonged credit crisis that might cause sales to decline over a longer period of time.

"It is important to note that decline in sales is not driven by weakening economic conditions," she said. "Rather, the statewide and national economies continue to move forward, with no recession on the horizon at this point in time."

Desert median prices include Yucca & 29 Palms=lowers median price shown by 40-50K

Sales & Price Report Addendum: June 2007
Median Prices By Region
Current Month vs. Year Ago