Existing Home Sales decline 6.6% in July

According to the NAR existing home sales in the west declined 6.6% in July over the previous months but its still 9.9% higher than the previous years home sales. As I mentioned before the slow down in existing sales may be due to the higher mortgage rates from the last few months. My guess is the in the following months you should see a slight increase in home sales due the currrent the lower mortgage rates.

Nationally existing home sales declined 2.9%. The national median existing-home price was $191,300 in July, up 8.7 percent from July 2003 when the median price was $176,000.
Housing inventory levels at the end of July were unchanged from June at 2.4 million existing homes available for sale, representing a 4.3-month supply at the current sales pace.

California mortgage rates have remained stable over the last few days and should hopefully stay at current levels. Mortgage refinance activity still strong as well as demand for home equity lines of credit.

Thanks for Reading.
Jessie