California May Home Sales are Up!

California Median Sale Price Rebounding

 

June 14, 2012 Source: Dataquick – Abridged

An estimated 41,790 new and resale houses and condos sold statewide last month. That was up 9.3 percent from 38,241 in April, and up 17.6 percent from 35,536 in May 2011. Last month’s sales were the highest for any May since 54,099 homes sold in May 2006.

Sales have increased on a year-over-year basis for the past 10 months. California sales for the month of May have varied from a low of 32,223 in 1995 to a high of 67,958 in 2004, while the average is 46,638. DataQuick’s statistics go back to 1988.

The median price paid for a home in California last month was $270,000, up 2.3 percent from $264,000 in April, and up 8.4 percent from $249,000 in May 2011. Last month’s median was the highest for any month since June 2010, when it was also $270,000. Last month was the third month in a row to post a year-over-year gain in the state’s median sale price. For the current housing cycle, the median hit a trough of $221,000 in April 2009, while it peaked at $484,000 in early 2007.

Distressed property sales – the combination of foreclosure resales and “short sales” – made up 46.2 percent of the state’s resale market last month. It was the lowest level since the figure was also 46.2 percent in April 2008.

Of the existing homes sold in May, 28.3 percent were properties that had been foreclosed on during the past year. That was down from 30.3 percent in April and down from 35.3 percent a year ago. Last month’s figure was the lowest for any month since foreclosure resales made up 23.7 percent of the resale market in December 2007.California’s all-time high for foreclosure resales was 58.5 percent in February 2009.

Indicators of market distress continue to move in different directions. Foreclosure activity is high, but not increasing. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying remains at a high level, DataQuick reported.

For questions about buying and selling real estate in Orange County, contact Scot Campbell.  He is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA.  He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable.  Read his profile and client reviews at www.ScotCampbell.com   He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com

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