California November 2013 Home Sales

graph-for-market-reportAn estimated 33,429 new and resale houses and condos sold statewide last month. That was down 8.3 percent from 36,468 in October, and down 10.8 percent from 37,481 sales in November 2012, according to San Diego-based DataQuick.

November sales have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004. Last month’s sales were 15.1 percent below the average of 39,357 sales for all the months of November since 1988, when DataQuick’s statistics begin. California sales haven’t been above average for any particular month in more than seven years.

The median price paid for a home in California last month was $360,000, up 0.8 percent from $357,000 in October and up 23.7 percent from $291,000 in November 2012. Last month was the 21st consecutive month in which the state’s median sale price rose year-over-year, and the 12th straight month with a gain exceeding 20 percent.

In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 6.8 percent were properties that had been foreclosed on during the past year. That was up from a revised 6.7 percent in October and down from 16.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 12.3 percent of the homes that resold last month. That was down from an estimated 12.4 percent the month before and 26.2 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,418, up from $1,395 the month before and up from $1,026 a year earlier. Adjusted for inflation, last month’s payment was 38.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.1 percent below the current cycle’s peak in June 2006. It was 54.5 percent above the February 2012 bottom of the current cycle.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

If you’re considering selling your home in the next few months and would like to know what your South Bay home is worth, whether you live in one of our Beach Cities, Torrance, Redondo Beach or any South Bay area, please contact me anytime at (310)918-5027 or click here to get a Free online home value report, delivered to your e-mail.

Source: DataQuick; DQNews.com

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Southern California January ’12 Home Sales and Prices

The Southern California real estate  market started 2012 with slightly higher sales and slightly lower prices.

DataQuick, San Diego reported that a total of 14,523 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 24.5 percent from 19,247 in December, and up 0.4 percent from 14,458 12 months ago.

Sales have increased year-over-year for five of the last six months. The sharp sales decline from December is normal for the season. Last month’s sales count was 17.8 percent below the 17,671 average for all the months of January since 1988.

The median home selling price  last month was $260,000, down 3.7 percent from $270,000 for both December and January last year. The median was the lowest since $249,000 in May 2009. The median’s low point for the current real estate cycle was $247,000 in April 2009, while the high point was $505,000 in mid 2007. The peak-to-trough drop was due to a decline in home values as well as a shift in sales toward lower-cost homes, especially inland foreclosures.

Distressed sales made up more than half of January’s resale market.

Foreclosure resales – properties foreclosed on in the prior 12 months – made up 32.6 percent of resales last month, up from a revised 32.4 percent in December and down from 36.8 percent a year earlier. Foreclosure resales hit a high of 56.7 percent in February 2009 and a low of 32.8 percent last June.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 21.3 percent of Southland resales last month. That was a high for the current real estate cycle and compares with 19.6 percent in both December and January 2011.

Meanwhile, credit conditions remained tight.

Adjustable-rate mortgages (ARMs) accounted for 6.0 percent of last month’s Southland home purchase loans, down from 6.4 percent in December and 7.0 percent a year ago. Since 2000, a monthly average of about 35 percent of purchase loans were ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 13.6 percent of last month’s purchase lending, down from 15.2 percent in both December and a year earlier. In the months leading up to the credit crisis that struck in August 2007, jumbos accounted for 40 percent of the market.

Absentee buyers – mostly investors and some second-home purchasers – bought a record 26.8 percent of the Southland homes sold in January, paying a median $193,500. The Inland Empire saw absentee purchases rise to a record 33.6 percent of all sales. Since 2000, the Southland’s absentee buyers purchased a monthly average of 16.9 percent of all homes sold.

Cash purchasers accounted for a near-record 31.4 percent of January home sales, paying a median $199,000. That was up from 29.8 percent in December, and up from 30.4 percent a year earlier. The 10-year monthly average for Southland homes purchased with cash is 15.1 percent. Cash purchases are where there was no indication in the public record that a corresponding purchase loan was recorded.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 31.2 percent of all purchase mortgages in January. Last month’s FHA level was up from 30.7 percent in December but down from 33.2 percent in January 2011. Two years ago FHA loans made up 35.0 percent of the purchase loan market, while three years ago it was 38.9 percent.

Last month 16.0 percent of all sales were for $500,000 or more, down from a revised 18.4 percent in December and down from 18.3 percent a year earlier. The low point for $500,000-plus sales was in January 2009, when only 13.8 percent of sales were above that threshold. Over the past decade, a monthly average of 27.2 percent of homes sold for $500,000 or more.

Viewed differently, Southland zip codes in the top one-third of the housing market, based on historical prices, accounted for 35.1 percent of total sales last month. That was down from 36.4 percent in December but up from 33.6 percent a year earlier. Over the last 10 years, those higher-end areas contributed a monthly average of 36.7 percent of regional sales. Their contribution to overall sales hit a low of 26.2 percent in January 2009.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Foreclosure activity in So California remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported. 

Sales Volume Median Price
All homes Jan-11 Jan-12 %Chng Jan-11 Jan-12 %Chng
Los Angeles         4,908      4,997      1.8%   $300,000   $289,000     -3.7%
Orange              1,929      1,872     -3.0%   $415,000   $392,000     -5.5%
Riverside           2,738      2,684     -2.0%   $190,000   $180,500     -5.0%
San Bernardino      2,085      2,051     -1.6%   $151,500   $150,000     -1.0%
San Diego           2,248      2,358      4.9%   $304,000   $305,000      0.3%
Ventura               550        561      2.0%   $350,000   $322,500     -7.9%
SoCal              14,458     14,523      0.4%   $270,000   $260,000     -3.7%
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