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New home sales hit highest pace in nearly a decade 

Number of existing homes sold in California in July drops as tight inventory puts a squeeze on sales - The California Association of Realtors reported that the number of existing homes sold in California declined 4.1% from June's sales pace and 5.1% from last July's annualized rate as historically low inventory levels dragged down sales. The statewide median price in July was $509,830 which was down 1.8% from June and up 3.9% from July 2016.  The unsold inventory index edged up from a 3.2 month supply in June to a 3.6 month supply in July.

Pending home sales in California  rise in July - The California Association of Realtors announced that statewide pending home sales increased 3.5% in July over last July's seasonally adjusted annualized rate. Month over month, July's  pending home sales were up 3% from June's figures. After June and July's increased rate of new signed real estate purchase contracts it is expected that closed existing sales will increase in the coming months as those homes close escrow.  July's closed sales were disappointing as low inventories caused closed sales to decline after hitting multi year high closed existing sales numbers in June. 

Nationwide existing home sales slowed by low inventory levels - The National Association of Realtors reported that existing home sales slowed in July after hitting the highest levels in many years in June.  July's slowdown was attributed to extremely low inventories of single family existing homes, which include single family homes, town homes, condominiums, co-ops. Sales fell 3.2% from June's figures and year over year close sales declined 1.6% from last July. Only the western states region had an increase in closed sales. While unsold inventory inched up 0.9% from June the number of existing homes for sale nationwide are still 5.8% below last July's number.  32% of all sales were purchased by first time buyers, up from 28% one year ago. All-cash transactions accounted for 21% of all sales, down from 23% one year ago. 

New home sales hit highest pace in nearly a decade - The Commerce Departmentreported that sales of new homes surged in July to the highest level since October 2007.  July's new home sales were up 12.4% from June and 31.3% from last July.That's a number that stunned experts; however, the number of new homes being completed have risen significantly as home-builders are full production. 


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