California June 2007 Home Sales
A total of 38,291 new and resale houses and condos were sold statewide last month. That's up 3.6 percent from 36,975 for May, and down 32.8 percent from 56,989 for June 2006. Last month's sales made for the slowest June since 1995 when 36,941 homes were sold. June sales from 1988 to 2007 range from 35,437 in 1993 to 76,669 in 2004. The average is 51,799. On a year-over-year basis, sales have declined the last 21 months.
The median price paid for a home last month was $479,000, down 1.0 percent from the record high of $484,000 for March, April and May. That was down 0.2 percent from $480,000 for June a year ago. The year-over-year decline in median was the first since January 1996 when the then-median of $146,000 was down 2.0 percent from $149,000 a year earlier.
The typical mortgage payment that home buyers committed themselves to paying last month was $2,319. That was up from $2,266 in May, and down from $2,372 for June a year ago, the current cycle's peak. Adjusted for inflation, mortgage payments are 10.1 percent above the spring 1989 peak of the prior real estate cycle.
DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The numbers cover all sales, new and resale, houses and condos.
Indicators of market distress continue to move in different directions. Financing with adjustable-rate mortgages has declined significantly. Foreclosure activity is rising, although foreclosure properties are not yet a drag home on home values in most markets. Down payment sizes are stable, flipping rates and non-owner occupied buying activity is down, DataQuick reported.
Rent control free Berkeley Homes still hot:
posted by Larry Nusbaum at
5:28 AM
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