CAR sees state housing market improving, housing prices at 2010 high

LOS ANGELES -

California's housing market exhibited signs of continuing improvement in June, with home sales showing solid gains and home prices reaching their highest level since August 2010, the California Association of Realtors reported today.

"Although home sales throughout the state continued to improve compared with a year earlier, we did see a modest dip compared with May," said CAR President LeFrancis Arnold.

"Potential home buyers are frustrated by limited number of homes on the market for sale
and growing discouraged by signs that the economy is slowing. Closed escrow sales of existing single-family detached homes in California annualized rate of 518,460 in June, according to Los Angeles-based CAR declined 8.6 percent from May's revised 567,330 to a seasonally adjusted June sales rose 8.5 percent from June 2011's revised 478,040 pace.

The statewide sales figure, which is adjusted to account for seasonal factors that typically influence home sales, represents what would be the total number of homes sold during 2012 if sales maintained the June pace throughout the year.

Home prices also continued to improve, with the median home price -- $320,540 in June for an existing single-family detached home in California -- posting month-over-month and year-over-year gains for the fourth straight month, according to a CAR statement.

June's price rose 1.3 percent from a revised $316,410 in May and 8.1 percent from a revised $296,41 recorded in June 2011, CAR reported. The June 2012 figure was 30.7 percent higher than the cyclical bottom of $245,230 reached in February 2009. The median price posted above the $300,000 level in June for the third straight month The median price posted above the $300,000 level in June for the third straight month after remaining below that mark for 15 months, according to CAR.