California home sales dropped more than 20% in July!

Statewide sales have decreased for the past 22 months and Foreclosure resales accounted for almost 8% of the sales in July. According to the data this is the slowest July in the California market since July 1995. Solano County saw the biggest annual drop in home prices, dropping almost 10% to $415,000. Home sales in a nine county area around San Francisco have decreased on an annual basis in that area for the past 30 months. Home sales in a six county region of Southern California also dipped to a 12-year low for July. The numbers do not lie and most agents are seeing their business slow considerably. The forecasts are even worse for California in the coming year, real estate agents must learn to position their business in this changing market in order to survive! We are definitely moving toward a strong buyers market. If you are considering selling in the next year, I would not wait as the statistics show a continued slow down in sales and property values over the months and possibly year(s) to come.

Please feel free to contact me to discuss how this could effect your situation.
Mark Thomason - 408.850.3085 mark@thomasonteam.com
Your Saratoga & Sunnyvale Real Estate Professional