California September Home Sales

October 24, 2005

A total of 59,600 new and resale houses and condos were sold statewide last month. That's down 8.2 percent from 64,900 for August and up 2.9 percent from 57,900 for September 2004.

The median price paid for a home last month was $455,000. That was down 0.2 percent from $456,000 for August and up 17.3 percent from $388,000 for September a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,004. That was down from $2,034 in August, and up from $1,717 for September a year ago. Adjusted for inflation, current mortgage payments are 2.9 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 declined slightly. Earlier increases in non owner-occupied purchase activity and flipping activity have leveled off.

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