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Median price for homes drops from previous month
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More from Other NewsVentura County's median price for existing homes was $692,730 in June, down from $707,690, or 2.1 percent, from the same month a year ago, the California Association of Realtors reported today.
The June median also dropped $6,750, or 1 percent, from May. The median is the midpoint, where half the homes sold for more and half for less.
Sales plunged 22.2 percent compared with June 2006, but jumped 10.1 percent from May.
California sales dropped 24.7 percent from a year ago, but the median home price continues to slowly rise. The median price statewide for existing homes was $594,260 in June, up 3.2 percent from $575,850 for the same month a year ago.
Housing sales remain rocky as buyers play "wait-and-see" in response to recent upswings in foreclosures and higher inventories of homes for sale, CAR President Colleen Badagliacco said in a statement.
"First-time buyers continue to be impacted by tighter mortgage underwriting standards and the affordability challenge, which has not improved significantly despite price declines in most regions of the state," she said.
CAR's unsold inventory index for existing homes in June was 10.1 months, compared with 6.1 months in June 2006. Homes sold in June were on the market for a median period of 51.7 days, compared with 45.3 days for the same month a year ago.
Leslie Appleton-Young, CAR's vice president and chief economist, said she expects to see further softness in prices in coming months because of the high volume of inventory.
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