Source: DQNews – November 16, 2011
An estimated 34,087 new and resale houses and condos were sold statewide last month. That was down 3.7 percent from 35,404 in September,and up 4.3 percent from 32,669 for October 2010. California sales for the month of October have varied from a low of 25,832 in 2007 to a high of 70,152 in 2003, while the average is 43,528. DataQuick’s statistics go back to 1988.
The median price paid for a home last month was $240,000, down 3.6 percent from $249,000 in September, and down 6.3 percent from $256,000
for October a year ago. The median has decreased on a year-over-year basis for the last thirteen months. The bottom of the current cycle was $221,000 in April 2009, while the peak was at $484,000 in early 2007.
Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market.
Of the existing homes sold last month, 34.1 percent were properties that had been foreclosed on during the past year. That was up from 33.8 percent in September but down from 36.7 percent in October a year ago. The all-time high was in February 2009 at 58.5 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 19.5 percent of resales last month. That was up from 18.6 percent in September and 18.2 percent a year earlier. Two years ago short sales made up an estimated 15.9 percent of the resale market.
The typical mortgage payment that home buyers committed themselves to paying last month was $924, the lowest since early 1999. That was down from $964 in September, and down from $1,005 in October 2010. Adjusted for inflation, last month’s mortgage payment was the lowest on record. It was 58.8 percent below the spring 1989 peak of the prior real estate cycle. It was 66.6 percent below the current cycle’s peak in June 2006.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its peak reached in recent years but remains far above normal. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner occupied buying remains high, DataQuick reported.
Scot Campbell 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. On his website you can search for homes and obtain an instant home value report: www.RealtyDigestOnline.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