California October Home Sales
November 14, 2012
An estimated 39,254 new and resale houses and condos sold statewide last month, up 15.4 percent from 34,011 in September, and up 15.2 percent from 34,087 sales in October 2011, according to San Diego-based DataQuick.
October sales in California have varied from a low of 25,832 in 2007 to a high of 70,152 in 2003. Last month’s sales were 9.5 percent below the average of 43,357 sales for all months of October since 1988, when DataQuick's statistics begin.
The median price paid for a home in California last month was $285,000, down 0.7 percent from $287,000 in September and up 18.8 percent from $240,000 in October 2011. October marked the eighth consecutive month in which the state's median sale price rose year-over-year. This September’s $287,000 median was the highest since August 2008, when it was $301,000. Last month’s median was the second-highest for any month since then.
For the current cycle, the median sale price hit bottom at $221,000 in April 2009, while it peaked at $484,000 in early 2007.
Of the existing homes sold in October, 17.4 percent were properties that had been foreclosed on during the past year. That was down from a revised 18.0 percent in September and down from 34.0 percent a year earlier. Last month's figure was the lowest for any month since foreclosure resales made up 16.0 percent of the resale market in October 2007. Foreclosure resales peaked at 58.5 percent in February 2009.
Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 26.0 percent of the homes that resold last month. That was down from an estimated 27.1 percent the month before and up from 24.9 percent a year earlier.
The typical mortgage payment that home buyers committed themselves to paying last month was $1,009. That was down from $1,027 in September and up from $924 a year earlier. Adjusted for inflation, last month's typical payment was 56.0 percent below the 1989 peak of the prior real estate cycle, and 64.4 percent below the 2006 peak of the current cycle.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but has been trending downward and is well below peak levels. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying remains at a high, DataQuick reported.
Media calls: Andrew LePage (916)456-7157 or alepage@dqnews.com
Source: DataQuick; DQNews.com
Copyright DataQuick. All rights reserved.
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