July Home Sales Slow, and Prices Dropped a Bit Since June
Real Property Report – California, July 2016
California’s Underwater Homeowners Fall Below 500,000, Down 50 Percent from July 2014
July Sales Dive 12.8 Percent Y-o-Y, or Did They?
California Median Price Edges Lower in July, but still Up 5.0 Percent Y-o-Y
“At first glance, it looked like July sales fell off a cliff,” said Madeline Schnapp Director of Economic Research for PropertyRadar. “Looking closer at the data, we noted that July 2016 had two fewer business days than July 2015. That calendar quirk was enough depress July sales. When the missing days were taken into account, the sales decline was approximately 3.0 percent for the month and 5.0 percent for the year, in line with expectations.”
“The silver lining to rising prices is in the past two years 575,000 California homeowners have escaped their negative equity prisons,” said Schnapp. “Now armed with positive equity, these homeowners can take advantage of near record low mortgage interest rates to refinance, sell an existing home and buy a new one.”
