Manteca did significantly better than most of the rest of the United States in July when it came to the sale of pre-existing homes.

Closed escrows dropped off 27.2 percent nationally from June to July based on data from the National Association of Realtors. In Manteca, the sale of existing homes actually increased by 20 percent. There were 100 resales that sold in June within Manteca’s city limits while 120 existing homes exchanged hands in July.

Nationally the month-to-month drop was the worst fall off in history of the sale of pre-existing homes.

“People look at what’s happening nationally and think it is happening here too,” said Deborah Romero, who works as a loan officer with Ripon-based Ability Mortgage. “That’s not the case although I have seen a drop in new loan applications.”

Veteran Manteca Realtor Tom Wilson concurs noting that the housing bubble started bursting first in the Northern San Joaquin Valley where the median house was selling for almost seven times the median income and then spread to other parts of California before going national.

“It appears that a lot of buyers here are sensing the window is closing especially in the under $150,000 market,” Wilson said.

That is because affordability hasn’t been this good in Manteca as prices are heavily influenced  Bay Area prices as people head over the Altamont Pass to seek affordable housing during boom times since the mid-1960s. The median price of a home is now less than 2.5 times the median income. Economists at the University of the Pacific indicate any time homes are 2.5 times or less than the median income that you have an affordable housing market.

Both Wilson and Romero contend you are now seeing the “real” housing market devoid of artificial stimulus such as tax credits. Wilson noted many people who bought and used the federal tax credits were going to be buying anyway.

“If you’re stable and don’t intend to move for at least five years, you can’t lose in this housing market,” Wilson said.

A snapshot of the Manteca housing market shows:

•There were 261 listings of existing homes for sale at the end of July compared to 164 at the end of July 2009. The current numbers based on market absorption rates reflect a 2.3-month supply compared to a 1.45-month supply a year ago. The peak for available homes up for sale was reached in September 2007 when Manteca had 651 active listings or a 21.7-month supply based on the market absorption rate at the time.

•The available inventory dropped to 151 in September of last year and then has started climbing steadily ever since.

•There have been 739 closed escrows as of Aug. 20 this year. If the sales pace of existing homes continues, 1,131 homes will change hands by year’s end. Manteca sold a record 1,211 previously owned homes in 2009. There were 1,165 home sales in 2008 compared to 402 home sales when the housing market reached its peak in 2007.

•The median selling price as of Aug. 20 was $185,000 while the median pending price was $188,000 and the median listing price is $200,100. There are currently 217 pending deals of existing homes in Manteca.

•Less and less homes are now selling as foreclosures as banks have become more aggressive with making short sales work.

•The selling price of median homes is up $7,000 over last year’s $178,000 median.

•July 2010 to July 2009 comparisons do show a drop off of about 10 percent in existing home sales.

•The 739 homes that have sold so far this year had been on the market an average of 47 days while the 217 pending sales were on the market for 28 days on average. That compares to a 23-day average time on the market for the homes that closed escrow in 2009, 24 days in 2008, and 60 days in 2007.

Romero noted refinancing is up significantly since rates are now at 4.5 percent while new applications for mortgage loans have dropped. She blames the drop so far in August on the traditional  late summer slowdown.