California Home Sales Fall More Than 17 Percent

October 22, 2010 No Comments »

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An estimated 33,176 resale homes and condos sold in California last month, down 3.1 percent from August and 17.5 percent from September 2009, according to DataQuick.

The average for September is 44,310 sales, with the highest 68,114 in 2005 and the lowest 24,460 in 2007.

Of the existing homes sold last month, 35.8 percent had previously been foreclosed, up slightly from 35.7 percent in August, but below the 41.7 percent share seen a year ago.

The all-time high foreclosure-share was 58.5 percent back in February 2009.

Median Home Price Rises

Meanwhile,the median price paid for a SoCal home was $265,000 last month, up 1.9 percent from $260,000 in August and 5.6 percent from $251,000 a year earlier.

The year-over-year increase was actually the 11th in a row – but there had been 27 months of year-over-year declines prior to that.

The typical mortgage payment borrowers committed themselves to last month was $1,055, up from $1,045 in August, but down from $1,085 in September 2009.

And it’s a staggering 60.4 percent below the housing boom’s peak seen in June 2006, when homeowners had to resort to option arms and other adjustable-rate mortgages to get in the door.

Other takeaways:

Foreclosure activity has declined, the use of second mortgages remains low, cash buyers and investment property buying are increasing, and down payments remain stable.

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