California September Home Sales

An estimated 36,027 new and resale houses and condos sold statewide last month. That was down 15.3 percent from 42,546 in August, and up 5.9 percent from 34,011 sales in September 2012, according to San Diego-based DataQuick.

The sales count was the highest for any September since 40,216 homes sold in September 2009. September sales have varied from a low of 24,460 in 2007 to a high of 69,304 in 2003. Last month’s sales were 16.7 percent below the average of 43,253 sales for all the months of September since 1988, when DataQuick’s statistics begin.

The median price paid for a home in California last month was $355,000, down 1.7 percent from $361,000 in August and up 23.7 percent from $287,000 in September 2012. September was the 19th consecutive month in which the state’s median sale price rose year-over-year, and the 10th straight month with a gain exceeding 20 percent.

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, 7.0 percent were properties that had been foreclosed on during the past year. It was the lowest level for foreclosure resales since June 2007, when they represented 6.6 percent of the resale market. Last month’s figure was down from 7.8 percent in August and 18.0 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 13.1 percent of the homes that resold last month. That was down from an estimated 13.3 percent the month before and 27.5 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,429, down from $1,456 the month before and up from $1,027 a year earlier. Adjusted for inflation, last month’s payment was 38.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 49.9 percent below the current cycle’s peak in June 2006.

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 in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

Source: DataQuick; DQNews.com

 

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