California August Home Sales

September 19, 2005

A total of 64,900 new and resale houses and condos were sold statewide last month. That's up 4.4 percent from 62,150 for July and up 9.7 percent from 59,150 for August 2004. Last month was the strongest August in DataQuick's records, which go back to 1988.

The median price paid for a home last month was $456,000, a new record. That was up 1.1 percent from $451,000 for July and up 18.1 percent from $386,000 for August a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,034. That was up from $1,974 in July, and up from $1,738 for August a year ago. Adjusted for inflation, current mortgage payments are 0.2 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 © 2005 DataQuick Information Systems.
All rights reserved.