A total of 237 homes sold locally in July, down from 366 a year earlier and the lowest July tally since 2000, says a report released Thursday by the Southland Regional Association of Realtors.
The hot demand for real estate that ignited the market in 2003 has fizzled in recent months as sales have slowed, especially for homes in the upper price range.
"Sales have slowed because some buyers are hesitating, waiting to see which way the market will head, and because some sellers refuse to set their list price based on current market conditions," said Jim Link, executive vice president of the association.
Despite sluggish sales, the median price for a single-family home rose by 4.3 percent, to $605,000. Still, the rate of increase has slowed since April when it hit a record high of $643,000.
According to the association, condominium sales fell nearly 36 percent last month, when 122 units closed escrow, the lowest July total since 1999.
— T.J. Sullivan
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