California September Home Sales

October 14, 2004

La Jolla,CA----A total of 57,900 new and resale houses and condos were sold statewide last month. That's down 2.1 percent from 59,150 for August and down 5.4 percent from 61,200 for September 2003. Last year's September was the strongest September on record, last month was the second strongest.

The median price paid for a home last month was $388,000, a new record. That was up 0.5 percent from $386,000 for August and up 19.4 percent from $325,000 for September a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,717. That was down from $1,738 in August, and up from $1,471 for September a year ago.

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.

Market stress indicators are still very low: Down payments are stable, speculation buying is moderate, there are no significant shifts in market mix and default rates are low. A recent rise in ARM usage has leveled off. Recent slight increases in non owner-occupied purchase activity and flipping activity have leveled off.

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