A growing supply of properties in California caused a surge in new and resale homes and condos sold, with sales rising to a seven-year high in July, California-based research firm DataQuick posted.
An estimated 48,118 new and resale homes and condos sold in July, up 17.3% from 41,027 in June and an increase of 21.8% from 39,507 sales a year earlier, the firm noted.
Last month’s sales count was the highest for July since 66,929 homes sold back in the housing heyday of 2005. Additionally, last month was the first time California sales were above average for any month since September 2006.
On a similar note, DataQuick revealed this week that July sales in Southern California came close to historic norms, falling just 0.5% below the average number of sales historically expected for the month of July.
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