California September Home Sales

October 17, 2006

A total of 42,450 new and resale houses and condos were sold statewide last month. That's down 14.8 percent from 49,800 for August and down 28.8 percent from a 59,600 for September 2005.

Sales almost always decrease from August to September as the sales season moves from summer into fall. Last month's sales made for the slowest September since 2001 when 41,880 homes were sold.

The median price paid for a home last month was $466,000. That was down 1.3 percent from August's $472,000, and up 2.4 percent from $455,000 for September a year ago. The 2.4 percent year-over-year increase was the lowest since February 1997 when the $150,000 median was the same as a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,223. That was down from $2,258 in August, and up from $2,004 for September 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 below average. 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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