California January 2008 Home Sales
February 18, 2008
A total of 19,145 new and resale houses and condos were sold statewide last
month. That's the lowest number for any month in DataQuick's records, which go
back to 1988. It was 25.2 percent lower than December's 25,585 and 41.0 percent
lower than 32,425 for January last year.
The median price paid for a home last month was $383,000, down 4.7 percent from
$402,000 for the month before, and down 17.1 percent from $462,000 for January a
year ago. The median peaked last March/April/May at $484,000. Much of the drop
in median is due shifts in the types of homes selling, and how those homes are
financed. Last month 17.6 percent of the state's financed home purchases were
purchased with "jumbo" loans over $417,000. A year ago it was 36.2 percent.
The typical mortgage payment that home buyers committed themselves to paying
last month was $1,743. That was down from $1,878 in December, and down from
$2,155 for January a year ago. Adjusted for inflation, mortgage payments are
18.2 percent below the spring 1989 peak of the prior real estate cycle. They are
29.3 percent below the current cycle's peak in June 2006.
DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates,
monitors real estate activity nationwide and provides information to consumers,
educational institutions, public agencies, lending institutions, title companies
and industry analysts. The numbers cover all sales, new and resale, houses and
condos.
Indicators of market distress continue to move in different directions.
Foreclosure activity is at record levels, financing with adjustable-rate
mortgages or with multiple mortgages has dropped sharply. Down payment sizes and
flipping rates are stable, non-owner occupied buying activity is edging up,
DataQuick reported.
Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534
Copyright 2005 DataQuick Information Systems. All rights reserved.