California October Home Sales

November 16, 2006

A total of 42,750 new and resale houses and condos were sold statewide last month. That's up 0.7 percent from 42,450 for September and down 21.7 percent from a 54,600 for October 2005.

Last month's sales made for the slowest October since 1997 when 41,850 homes were sold.

The median price paid for a home last month was $467,000. That was up 0.2 percent from September's $466,000, and up 2.9 percent from $454,000 for October a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,206. That was down from $2,223 in September, and up from $2,081 for October 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 largely flat: 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 is flat.

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

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