California March Home Sales

April 18, 2005

La Jolla,CA----A total of 56,650 new and resale houses and condos were sold statewide last month. That's up 35.5 percent from 41,800 for February and up 0.9 percent from 56,150 for March 2004. Last month was the strongest March in DataQuick's records, which go back to 1988.

The median price paid for a home last month was $421,000, a new record. That was up 3.4 percent from $407,000 for February and up 19.3 percent from $353,000 for March a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,901, a new peak. That was up from $1,824 in February, and up from $1,528 for March a year ago. Adjusted for inflation, current mortgage payments are about 6 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

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