Valley housing market continues recovery

The housing market shows an uptick in JuneThe housing market shows an uptick in JuneThe housing market continued to improve throughout most of the Valley in June, the California Association of Realtors reported.
In California, sales of single family homes dropped 8.6 percent in the month, but they were still 8.5 percent ahead of the same period last year.

Prices also increased, with the median price rising 1.3 percent in the month and 8.1 percent over the year to $320,540 in June.

In Fresno County, home sales fell 2.6 percent over May and 15.7 percent compared to June 2011. The median price of a home rose 5.9 percent during the month and 10.7 percent over last year to $150,000.

In Kings County, sales were up 27 percent from May and 11.9 percent from June 2011. June's median price of $136,250 was 6 percent below the previous month and 11.5 percent down from last year.

Madera County saw home sales surge 27.3 percent in June and 2.4 percent year-over-year. The median home price crept up 3.7 percent in the month and 5.6 percent from last year.

Home sales were up 23.4 percent in Tulare County compared to May and 16.5 percent compared to last year. The median home price of $122,320 showed little change from May and the year before.

California's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was unchanged in June at 3.5 months compared to 5.1 months in June 2011.

The median number of days it took to sell a single-family home fell to 43.4 days compared to 45.7 days in May and 50.4 days in June 2011.

"The lack of inventory continued to impact California's housing market this month," said C.A.R. Vice President Leslie Appleton-Young. "Tight supply is putting upward pressure on home prices, but it also is restraining sales demand, especially in lower-price segments. In June, sales below $300,000 declined 4.1 percent from the previous month, while sales of homes priced higher than $500,000 increased 2.3 percent."