California February Home Sales

March 17, 2005

La Jolla,CA----A total of 41,800 new and resale houses and condos were sold statewide last month. That's down 1.2 percent from 42,300 for January and up 3.5 percent from 40,400 for February 2004. Last month was the strongest February in DataQuick's records, which go back to 1988.

The median price paid for a home last month was $407,000, a new record. That was up 1.8 percent from $400,000 for January and up 21.1 percent from $336,000 for February a year ago. Annual price increases have been above 20 percent ten of the past twelve months.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,824, a new peak. That was up from $1,756 in January, and up from $1,475 for February a year ago. Adjusted for inflation, current mortgage payments are about 8 percent below their spring 1989 peak.

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.

Media Inquiries: John Karevoll (909) 867-9534

Copyright © 2004 DataQuick Information Systems.
All rights reserved.