SAN DIEGO (AP) — Housing sales are booming in California as pent-up demand finds increased supply.
The research firm DataQuick said Thursday that 48,118 new and used homes and condos were sold statewide in July — the highest figure for a July since 2005.READ MORE: Britney Spears Begins Process To End 13-Year Conservatorship
Sales statewide were up more than 17 percent from June and nearly 22 percent from a year earlier.
The median sale price was $363,000 statewide, up about 3 percent from June and 29 percent from a year earlier.
In Southern California, the median price was $385,000.READ MORE: Eleven-Year-Old Boy With Rare Cancer Is Youngest Patient To Receive Gene Targeted Cancer Therapy
In the San Francisco Bay area, it was $562,000.
Meanwhile, foreclosure rates dropped to the lowest level since July 2007.
DataQuick President John Walsh says there’s talk of a frenzy, but the market really is just regaining ground lost during the housing crash.MORE NEWS: Evacuations Lifted As Crews Get Handle On University Fire In San Bernardino
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