California's once-battered housing market continued its recovery as statewide sales hit an eight-year high for July and prices remained firm, a real estate research firm said Thursday.
A total of 48,118 new and used homes and condos sold statewide during the month — the highest figure for a July since 2005 — and sales were up more than 17 percent from June and nearly 22 percent from a year ago, according to DataQuick.
Last month's sales were the highest for any month since August 2006, when 51,054 properties sold.
The median sales price for California was $363,000 in July, the San Diego-based company said. The median price has now increased year-over-year for 17 months in a row.
The percentage increase in median home price, however, has incrementally dropped month-over-month since May. The price jumped 4.9 percent in May, 3.5 percent in June, and 3.1 percent in July.
In Southern California, the median price was $385,000 in July, the same as it was the month before. In the San Francisco Bay area, it was $562,000, the highest figure since December 2007 and a slight jump from June.
The increase in sales indicates pent-up demand has found an increased supply of homes.