LAKEPORT, Calif. – The Lake County Association of Realtors reported that distressed home sales were down in July, with the county's median sales price up that month.

Distressed homes are defined as those that are sold after foreclosure or for less than what was owed.

Such sales in Lake County declined to 6.42 percent of July sales for single-family residences, the association reported.

At one time during the recent recession, distressed sales made up more than 70 percent of the residential sales in the county, according to the association's report.

“It is good to see homeowners getting back above water,” said LCAOR President Yvette Sloan. “With the market returning to a more normal state people feel more comfortable about purchasing a home.”

The median sales price for July rose to $211,000, up slightly from the June median price of $209,900.

The July 2015 median sales price was 25.6 percent higher than the July 2014 median sales price of $168,000. 

The number of units fell from 109 sold in June to 82 units in July. Year over year, July 2015 compared to July 2014, the number of units sold increased by 3.8 percent.

On the financing front, cash buyers accounted for about 21 percent of the deals, which was down from 37.6 percent of the deals in June and down from 39.2 percent in July 2014.

Nearly 44 percent of the sales used conventional loans to finance the sales. FHA and CalVet/Vet loans each made up 9.76 percent of financing of sales.

Inventory levels rose to six months of inventory after dipping to four months in June. July 2014 also had six months of inventory, which is considered “normal” for the real estate market. 

Looking ahead to August sales, Sloan noted, “At this point it is difficult to tell if the Rocky and Jerusalem fires will have an effect on the market.”

She said insurance carriers wait until after fires are contained before issuing new policies, “and that could slow things down temporarily.”

NUMBERS AT A GLANCE

Lake County – July 2015
Median price:  $211,000
Median days to sell: 90
Units Sold: 82

Lake County – June 2015
Median price:  $209,900
Median days to sell: 61
Units Sold: 109

Lake County – July 2014
Median price:  $168,000
Median days to sell: 56
Units Sold: 79