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| July California Sales and Price Report |
Information from the California Association of Realtors about sales statewide:
- The median number of days it took to sell a California single-family home was 16 days in July and 18 days in July 2022.
- C.A.R.’s statewide sales-price-to-list-price ratio* was 100 percent in July 2023 and 100.0 percent in July 2022.
- The statewide average price per square foot** for an existing single-family home was $409, down from $411 in July a year ago.
- The 30-year, fixed-mortgage interest rate averaged 6.84 percent in July, up from 5.41 percent in July 2022, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.
*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.
Thought for consideration: while interest rates are challenging for buyers, many are able to negotiate a buydown from the seller. For more information about how a buydown can help you, please contact me via text, phone or email.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
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