California July Home Sales

August 16, 2005

A total of 62,150 new and resale houses and condos were sold statewide last month. That's down 8.3 percent from 67,750 for June and down 2.4 percent from 63,700 for July 2004. Last month and last year's July are the two second Julys in DataQuick's records, which go back to 1988.

The median price paid for a home last month was $451,000, a new record. That was up 1.3 percent from $445,000 for June and up 17.4 percent from $384,000 for July a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,974. That was up from $1,934 in June, and up from $1,764 for July a year ago. Adjusted for inflation, current mortgage payments are about 5 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.

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