California October Home Sales

November 19, 2004

La Jolla,CA----A total of 54,300 new and resale houses and condos were sold statewide last month. That's down 6.2 percent from 57,900 for September and down 5.9 percent from 57,700 for October 2003. Last year's October was the strongest October on record, last month was the second strongest.

The median price paid for a home last month was $395,000, a new record. That was up 1.8 percent from $388,000 for September and up 21.5 percent from $325,000 for October a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,745. That was up from $1,717 in September, and up from $1,483 for October 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. Earlier increases in non owner-occupied purchase activity and flipping activity have leveled off.

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