California Home Sales, Median Fall in August

September 22, 2009 No Comments »


An estimated 39,811 new and resale homes and condos sold in the Golden State last month, down 11.7 percent from July, but up 4.8 percent from a year ago, according to DataQuick.

Sales have increased on a year-over-year basis for 14 months now, but last month’s total was a far cry from the 73,285 sales seen in August 2005, before things went bust.

The weakest August since DQ began collecting data back in 1998 was in 2007, with just 33,429 units moved.

Meanwhile, the median price paid for a home fell 0.4 percent month-to-month to $249,000, 17.3 percent below the $301,000 price tag seen a year ago.

The median price had gone up for three consecutive months until August, though interestingly foreclosure resales (that put downward pressure on home prices) keep dropping.

Less than 40 percent of existing home sales last month were previously foreclosed on in the previous 12 months (the lowest total in more than a year), down from 46.5 percent a year ago and 58.8 percent last February.

“Indicators of market distress continue to move in different directions,” the company said in a statement. “Foreclosure activity remains near record levels, while financing with adjustable-rate mortgages is near the all-time low but has recently edged higher.”

“Financing with multiple mortgages is low, down payment sizes and flipping rates are stable, and non-owner occupied buying is above-average in some markets.”

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