California February Home Sales

March 23, 2006

A total of 37,900 new and resale houses and condos were sold statewide last month. That's down 1.0 percent from 38,300 for January and down 9.3 percent from 41,800 for February 2005. A decrease from January to February is normal for the season. Last month's sales count was the lowest since 32,454 homes were sold in February 2001.

The median price paid for a home last month was $457,000. That was up 1.1 percent from $452,000 for January and up 12.3 percent from $407,000 for February a year ago. Last month's year-over-year increase was the lowest since a 10.7% increase in December 2001 when the median reached $243,500.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,413. That was up from $2,084 in January, and up from $1,824 for February a year ago.

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 rising, but still low. Earlier increases in non owner-occupied purchase activity and flipping activity have leveled off. The use of adjustable-rate mortgages has dropped significantly the last three months.

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