California November Home Sales
December 16, 2010
An estimated 31,403 new and resale houses and condos were sold statewide last month. That was down 3.9 percent from 32,669 in October, and down 12.4 percent from 35,860 for November 2009. California sales for the month of November have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004, while the average is 39,987. MDA DataQuick's statistics go back to 1988.
The median price paid for a home last month was $255,000, down 0.4 percent from $256,000 in October, and down 2.3 percent from $261,000 for November a year ago. The year-over-year decrease was the second in a row after eleven months of increases. The bottom of the current cycle was $221,000 in April 2009, while the peak was at $484,000 in early 2007.
Of the existing homes sold last month, 37.8 percent were properties that had been foreclosed on during the past year. That was up from a revised 36.7 percent in October and down from 40.1 percent in November a year ago. The all-time high was in February 2009 at 58.5 percent.
The typical mortgage payment that home buyers committed themselves to paying last month was $1,010. That was up from $1,005 in October, and down from $1,106 in November 2009. Adjusted for inflation, last month's mortgage payment was 53.3 percent below the spring 1989 peak of the prior real estate cycle. It was 62.1 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 has declined somewhat but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is up, MDA DataQuick reported.
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Source: MDA DataQuick; DQNews.com
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