November Home Sales
Here is some overall current home stats on the state of real estate
sales in California. Just be warned that every Holiday season we see
this same trend, lower home sales. People just do not want to
disrupt there lives around the holidays. So with that said please do
not discouraged by these numbers, because if real estate history has
taught us anything, the numbers in January are going to go thru the
An 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 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,
California sales havenít 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
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.
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.