June Home Sales Down 6.9 Percent Monthly in California

An estimated 41,027 new and resale houses and condos sold statewide last month. That was down 6.9 percent from a revised 44,087 in May, and down 3.5 percent from 42,513 sales in June 2012, according to San Diego-based DataQuick. California June sales have varied from a low of 35,202 in 2008 to a high of 76,669 in 2004. California 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 16.8 percent below the average of 49,301 sales for all the months of June since 1988, when DataQuick's statistics begin. The median price paid for a home in California last month was $352,000, up 3.5 percent from $340,000 in May and up a record 28.5 percent from $274,000 in June 2012. June was the 16th 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, 10 percent were properties that had been foreclosed on during the past year—the lowest level since foreclosure resales were 9.4 percent of the resale market in August 2007. Last month’s figure was down from a revised 11.3 percent in May and 24.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009. Short sales made up an estimated 16 percent of the homes that resold last month. That was down from an estimated 16.8 percent the month before and 24.3 percent a year earlier. The typical mortgage payment that homebuyers committed themselves to paying last month was $1,356. That was up from $1,227 in May and up from $1,006 a year earlier. Adjusted for inflation, last month's typical payment was 41.2 percent below the 1989 peak of the prior real estate cycle, and 52.4 percent below the 2006 peak of the current cycle.