California June Home Sales
July 18, 2013
An estimated 41,027 new and resale houses and condos sold statewide last
month. That was down 6.9 percent from a revised 44,087 in May, and down 3.5
percent from 42,513 sales in June 2012, according to San Diego-based DataQuick.
California June sales have varied from a low of 35,202 in 2008 to a high of
76,669 in 2004. California June sales have varied from a low of 35,202 in 2008
to a high of 76,669 in 2004. Last month's sales were 16.8 percent below the
average of 49,301 sales for all the months of June since 1988, when DataQuick's
The median price paid for a home in California last month was $352,000, up
3.5 percent from $340,000 in May and up a record 28.5 percent from $274,000 in
June 2012. June was the 16th consecutive month in which the state's median sale
price rose year-over-year. In March/April/May 2007 the median peaked at
$484,000. The post-peak trough was $221,000 in April 2009.
Of the existing homes sold last month, 10.0 percent were properties that had
been foreclosed on during the past year – the lowest level since foreclosure
resales were 9.4 percent of the resale market in August 2007. Last month’s
figure was down from a revised 11.3 percent in May and 24.9 percent a year
earlier. Foreclosure resales peaked at 58.8 percent in February 2009.
Short sales - transactions where the sale price fell short of what was owed
on the property - made up an estimated 16.0 percent of the homes that resold
last month. That was down from an estimated 16.8 percent the month before and
24.3 percent a year earlier.
The typical mortgage payment that home buyers committed themselves to paying
last month was $1,356. That was up from $1,227 in May and up from $1,006 a year
earlier. Adjusted for inflation, last month's typical payment was 41.2 percent
below the 1989 peak of the prior real estate cycle, and 52.4 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 decline. Foreclosure activity
remains well below year-ago and peak levels reached several years ago. Financing
with multiple mortgages is low, while down payment sizes are stable, DataQuick
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Source: DataQuick; DQNews.com
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