California December Home Sales

January 25, 2005

La Jolla,CA----A total of 58,500 new and resale houses and condos were sold statewide last month. That's up 9.9 percent from 53,250 for November and up 1.3 percent from 57,750 for December 2003. An increase from November to December is normal for the season. Last month was the strongest December in DataQuick's records, which go back to 1988.

The median price paid for a home last month was $405,000, a new record and the first time the median has been over $400,000. That was up 1.8 percent from $398,000 for November and up 20.9 percent from $335,000 for December a year ago. Prices reached new peaks every month of 2004 year except January.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,785. That was up from $1,755 in November, and up from $1,496 for December a year ago. The typical payment hit $1,814 in June when interest rates were somewhat higher.

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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