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Existing home prices are higher in July

Existing home sales and prices higher in July than last July -Sales of existing homes in California totaled a seasonally annualized rate of 421,460 units in July according to the California Association of Realtors. The number of sales of existing homes was down 4.9% from June's sales pace. July's sales pace was still 0.9% higher than last July. The statewide median price was $549,460, up 7.4% from July 2016.  There was a 3.2 month supply of homes for sale,up from 2.7 months in June but down from 3.6 months in July 2016. 

Fewer homes sold nationwide in July than June, yet still more than one year ago - The National Association of Realtors reported that total home sales slipped 1.3% in July from June's sales pace level. Year over year the pace of home sales were still 2.1% higher than last July. Prices have continued to rise. The median price was 6.2% higher this July than July 2016. That marked the 65th straight month of year over year price increases. Inventory levels continued to shrink. The number of homes for sale nationwide was down 9% from one year ago. The unsold inventory nationwide represents a 4.2 month supply. That is down from a 4.8 month supply last July. Tight supply is causing prices to rise. Total existing home sales include all re-sale single family one to four unit homes, condominiums, co-ops, and town homes. 

Home affordability slips in California as prices rise - The California Association of Realtorsreported that  29% of California households could afford to buy a $559,260 median-priced home in the second quarter. That is down from 32% in the first quarter of 2017 and 31% one year ago in Q2 2016. The annual income required to purchase the median-priced home was $110,780. They found that 38% of California households were able to purchase a median-priced condominium or town-housewhich was $443,400. The annual income required was $88,870. 
We are waiting for job gain numbers which will be out next Friday. That's a good indicator of where the economy is heading. 


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