LOS ANGELES (Aug. 27) – Home sales decreased 22.7 percent in July in California compared with the same period a year ago, while the median price of an existing home increased 3.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

The median price of an existing, single-family detached home in California during July 2007 was $586,030, a 3.2 percent increase over the revised $567,860 median for July 2006, C.A.R. reported. The July 2007 median price decreased 1.4 percent compared with June’s revised $594,280 median price.

C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2007 was 10.7 months, compared with 7.3 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

Thirty-year fixed-mortgage interest rates averaged 6.7 percent during July 2007, compared with 6.76 percent in July 2006, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.71 percent in July 2007 compared with 5.79 percent in July 2006.

The median number of days it took to sell a single-family home was 51.8 days in July 2007, compared with 47.7 days (revised) for the same period a year ago.

Statewide, the 10 cities and communities with the highest median home prices in California during July 2007 were: Los Altos, $1,783,000; Manhattan Beach, $1,628,500; Burlingame, $1,500,000; Newport Beach, $1,450,000; Saratoga, $1,414,000; Palos Verdes Estates, $1,386,500; Lafayette, $1,274,500; Orinda, $1,242,500; Calabasas, $1,220,000; Rancho Palos Verdes, 1,135,000.

Statewide, the 10 cities and communities with the greatest median home price increases in July 2007 compared with the same period a year ago were: Novato, 19 percent; Culver City, 18 percent; Ridgecrest, 14.2 percent; Glendale, 12.4 percent; Manhattan Beach, 11.7 percent; San Marcos, 11.2 percent; Redondo Beach, 11 percent; Yorba Linda, 10.3 percent; Los Angeles, 9.9 percent; Saratoga, 9.6 percent.

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