According to the recent news release from the CALIFORNIA ASSOCIATION OF REALTORS’® (C.A.R.) August 2013 resale housing report, following a strong performance in July, California’s housing market pulled back in August as mortgage rates continued to inch up, although sales of condominiums and townhomes remained robust.
- Sales of condominiums and townhomes surged almost 8 percent from last August in California, and are up nearly 5 percent year to date compared to last year, according to the CALIFORNIA ASSOCIATION OF REALTORS’® (C.A.R.) August 2013 resale housing report.
- Home prices continued in an upward trend in August, reaching levels not seen in more than five years. The statewide median price of an existing, single-family detached home was up 1.7 percent from July’s median price of $433,910 to reach $441,330 in August, the highest price recorded since December 2007.
- Sales in August were down 2 percent from a revised 443,500 in July and down 1.9 percent from a revised 443,030 in August 2012. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the August pace throughout the year.
- The available supply of existing, single-family detached homes for sale inched up in August to 3.1 months, up from July’s Unsold Inventory Index of 2.9 months. The index was 3.2 months in August 2012. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.
- The median number of days it took to sell a single-family home also edged up to 28.8 days in August from 27.8 days in July, but was down from 41.1 days in August 2012.
- Mortgage rates moved higher in August, with the 30-year, fixed-mortgage interest rate averaging 4.46 percent, up from 4.37 percent in July 2013 and up from 3.60 percent in August 2012, according to Freddie Mac. Adjustable-mortgage interest rates in August averaged 2.65 percent, slightly down from 2.66 in July but down from 2.67 percent in August 2012.
All 1" information is from the September 16, 2013 the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) news release.