DreamTeam-Jo Cel Perez & Hector Gamez

Some Facts 

Here are the latest statistics from C.A.R for the California Real Estate Market:

• Existing, single-family home sales increased 12 percent in July to a seasonally adjusted rate of 553,910 on an annualized basis.
• The statewide median price of an existing single-family home increased 3.9 percent in July to $285,480, compared with June 2009.
• Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent
• The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008. The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.
•  Statewide, the 10 cities with the highest median home prices in California during July 2009 were: Los Altos, $1,425,500; Palo Alto, $1,363,000; Saratoga, $1,350,000; Newport Beach, $1,300,000; Manhattan Beach, $1,257,500; Burlingame, $1,250,000; Palos Verdes Estates, $1,132,000; Los Gatos, $1,085,000; Cupertino, $952,000; and Rancho Palos Verdes $945,000.

• Mortgage rates were down :
  30-year fixed-rate mortgages decreased to 5.02 percent from 5.15 percent.

     15-year fixed-rate mortgages decreased to 4.45 percent from 4.57 percent.

             1-year ARMs decreased to 6.69 percent from 6.71 percent.

• As rates went down application volume increased, mostly due to refinances, which increase 22.5%, the biggest gain since March and purchases gained 9.5%, the largest increase since April.