IE Business Daily Business news for the Inland Empire.
Closed escrow sales of existing single-family homes reached an annualized rate of 437,890 units in July the California Association of Realtors reported this week.
That figure, which includes seasonal factors that influence home sales, “represents what would be the total number of homes sold during 2020 if sales maintained the July pace for 12 months,” according to the association.
July’s sales topped 400,000 for the first time since February 2020, before COVID-19 struck the housing market. That was the highest level in two and a half years, a 6.4 percent increase year-over-year, and the first time in five months the market recorded an annual gain.
“A housing market trifecta of strong pent-up demand, record-low interest rates and a renewed interest in the value of homeownership bolstered July’s home sales,” said Jeanne Radsick, the association’s 2020 president, in the statement. “With this year’s delayed start of the home buying season due to the pandemic, we expect home sales to remain robust in August and September, extending the season later than what’s typical.”
California’s median home price reached $666,320 in July, a 6.4 percent increase from June and a 9.6 percent compared with July 2019.
In the Inland Empire, the median price of a single-family home last month – not seasonally adjusted – was $420,000, a 10.5 percent increase year-over-year, according to the association.
