California November Home Sales

December 21, 2004

La Jolla,CA----A total of 53,250 new and resale houses and condos were sold statewide last month. That's down 1.9 percent from 54,300 for October and up 3.6 percent from 51,400 for November 2003. A decline from October to November is normal for the season. Last month was the strongest November in DataQuick's records, which go back to 1988.

The median price paid for a home last month was $398,000, a new record. That was up 0.8 percent from $395,000 for October and up 22.8 percent from $324,000 for November a year ago. Prices have reached new peaks every month this year except January.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,755. That was up from $1,745 in October, and up from $1,478 for November 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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