California August Home Sales

September 20, 2006

A total of 49,800 new and resale houses and condos were sold statewide last month. That's up 12.5 percent from 44,250 for July and down 25.1 percent from a revised 66,500 for August 2005.

The median price paid for a home last month was $472,000. That was down 0.6 percent from July's $475,000, and up 3.5 percent from $456,000 for August a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,258. That was down from $2,353 in July, and up from $2,034 for August 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 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 the last half year.

Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534

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