California June Home Sales
July 16, 2014
An estimated 39,254 new and resale houses and condos sold statewide in June. That was up 4.0 percent from 37,734 in May, and down 4.3 percent from 41,027 sales in June 2013, according to San Diego-based DataQuick.
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 19.8 percent below the average of 48,929 sales for all the months of June since 1988, when DataQuick’s statistics begin. California sales have not been above average for any particular month in more than eight years.
The median price paid for a home in California last month was $393,000, up 1.8 percent from $386,000 in May and up 11.6 percent from $352,000 in June 2013. Last month’s median was the highest for any month since December 2007, when it was $402,000. Last month was the 28th 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, 5.8 percent were properties that had been foreclosed on during the past year. That was down from a revised 5.9 percent in May and down from 9.8 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 5.2 percent of the homes that resold last month. That was down from an estimated 6.3 percent the month before and 13.9 percent a year earlier.
The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,530, up from $1,508 the month before and up from $1,356 a year earlier. Adjusted for inflation, last month’s payment was 35.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 47.4 percent below the current cycle’s peak in June 2006. It was 62.9 percent above the January 2012 bottom 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. DataQuick was acquired in March by Irvine-based CoreLogic, a leading global property information, analytics and data-enabled services provider.
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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