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California Home Sales Up 17.3 Percent in July

NationalMortgageProfessional.com
Aug 21, 2013

An estimated 48,118 new and resale houses and condos sold statewide in California in July, up 17.3 percent from 41,027 in June, and up 21.8 percent from 39,507 sales in July 2012, according to San Diego-based DataQuick. July's sales count was the highest for any month since 51,054 homes sold in August 2006. It was the highest for any July since 66,929 homes sold in July 2005. July sales have varied from a low of 30,596 in 1995 to a high of 71,886 in 2004. Last month's sales were 3.8 percent above the average of 46,364 sales for all the months of July since 1988, when DataQuick's statistics begin. Last month was the first time California sales have been above average for any month since September 2006. The median price paid for a home in California last month was $363,000, up 3.1 percent from $352,000 in June and up 29.2 percent from $281,000 in July 2012. July was the 17th 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, 8.4 percent were properties that had been foreclosed on during the past year—the lowest level since foreclosure resales were 7.6 percent of the resale market in July 2007. Last month’s figure was down from a revised 9.8 percent in June and 21.7 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009. Short sales made up an estimated 14.6 percent of the homes that resold last month. That was down from an estimated 15.7 percent the month before and 26 percent a year earlier. The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,457. Adjusted for inflation, last month's payment was 36.9 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 48.9 percent below the current cycle's peak in June 2006. It was 58.3 percent above the January 2012 bottom of the current cycle. Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached several years ago. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.
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