August 22nd, 2011 11:58 AM by Lehel S.
Home sales fell 16 percent from June and were down 4.7percent from the same period a year ago, the California Association of Realtors reported Monday.
"Economic uncertainty and recent developments in financial markets have caused hesitation among buyers, the effects of which we may see in the coming months," CAR Vice President and Chief Economist Leslie Appleton-Young said in a statement. "We must see sustained job and income gains along with an increase in consumer confidence before we can expect to see consistent improvement in the housing market."
California suffered declines in both sales and pricing.
The Golden State's median price for July was $294,230, down 0.3 percent from June and down 7.6 percent from July of last year.
Karen Sauve, a Realtor with Keller Williams in Pasadena, said she hasn't seen much in the way of price declines.
"It's a little bit neighborhood dependent, but we've see prices hold fairly steady over the past six or seven months," she said. "But July seemed to be a slower month."
Still, Sauve said there are buyers out there waiting to snatch up good deals.
"I put in an offer on a little house in the $200,000 range that had been on the market for two or three weeks, and once my offer came in two more offers were made," she said.
Some regions of California weathered heavy median price declines in July.
Kings County, for example, saw its median price plummet 25.8 percent to $114,290, while Madera County posted a decline of 24.2 percent.
San Bernardino County remained among the lowest price regions in the state with a July median price of $135,150, down from $144,630 a year earlier, CAR reported.
The state's lowest median price for July could be found in Madera County ($92,500), with Merced County ($113,080), Tulare County ($114,230) and Kings County ($114,290) running close behind.
Marin County boasted California's highest median price of $761,030, followed by San Mateo County ($746,000) and San Francisco County ($648,330).
Sauve said the Pasadena-area inventory of available homes has fallen below three months, "which puts us solidly within a seller's market."