California November Home Sales

December 15, 2006

A total of 39,200 new and resale houses and condos were sold statewide last month. That's down 8.3 percent from 42,750 for October and down 23.5 percent from a 51,250 for November 2005.

Last month's sales made for the slowest November since 1998 when 37,928 homes were sold.

The median price paid for a home last month was $469,000. That was up 0.4 percent from October's $467,000, and up 2.4 percent from $458,000 for November a year ago.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,181. That was down from $2,206 in October, and up from $2,140 for November 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 in the normal range. 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

Copyright © 2005 DataQuick Information Systems.
All rights reserved.