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California June Home Sales
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July 16, 2009
An estimated 44,167 new and resale houses and condos were sold statewide
last month. That was up 13.1 percent from 39,051 in May, and up 25.5
percent from 35,202 for June 2008. Sales have increased on a
year-over-year basis the last twelve months. California sales for the
month of June have varied from a low of 35,202 in 2008 to a peak of
76,669 in 2004, the average is 50,698. MDA DataQuick's statistics go
back to 1988.
The median price paid for a home last month was $246,000, up 7.0 percent
from $230,000 in May, and down 25.0 percent from $328,000 for June a
year ago. The upturn in median the last two months is the result of a
relative increase in sales of more expensive homes.
Of the existing homes sold last month, 45.9 percent were properties that
had been foreclosed on during the past year. Last month was the first
since August last year where it was below 50 percent.
The typical mortgage payment that home buyers committed themselves to
paying last month was $1,108. That was up from $972 in May, and down
from $1,628 for June a year ago. That typical mortgage payment was below
the $1,000 mark from January through May. The last time it was below
$1,000 was in 1999. Adjusted for inflation, last month's mortgage
payment was 48.0 percent below the spring 1989 peak of the prior real
estate cycle. It was 57.9 percent below the current cycle's peak in June
2006.
MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of
Vancouver-based MacDonald Dettwiler and Associates. MDA 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 near record levels, while financing with
adjustable-rate mortgages is near the all-time low but has recently
edged higher. Financing with multiple mortgages is low, down payment
sizes and flipping rates are stable, and non-owner occupied buying is
above-average in some markets, MDA DataQuick reported.
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