California Home Sales Hitting Record Levels

California Home Sales Hitting Record Levels

10/18/2013 BY: ASHLEY R. HARRIS

California saw an increase in home sales levels not seen since before the crisis. An estimated 36,027 new and resale houses and condos sold statewide last month, according to recent data from DataQuick. That was down 15.3 percent from 42,546 in August, but up 5.9 percent from 34,011 sales in September 2012, according to San Diego-based company.

The amount of sold homes was the highest for any September since 40,216 homes sold in September 2009. September sales ranged 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.

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, according to DataQuick.

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.
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.

The typical monthly mortgage payment that California buyers paid 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.

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