November home sales in California

By Stevie Duffin Updated on 12/14/2012

An estimated 37,481 new and resale condos and houses sold in the state of California during November, a decrease of 4.5 percent from the 39,254 sales in October and an increase of 14.7 percent from the 32,669 sales that took place in November 2011, reported analysts at San Diego’s DataQuick.

A drop in sales between October and November is typical, with sales reaching as low as 25,578 in 2007 and peaking at 60,326 in 2004. Sales during November 2012 were 5.3 percent lower than the average of 39,594 sales recorded for November since 1988, when DataQuick began recording statistics.

Median home prices in California were $291,000 in November, an increase of 2.1 percent from $285,000 during October and an increase of 19.3 percent from $244,000 in November 2011. For nine consecutive months, California’s median sale price has risen year-over-year. The median for the current cycle reached its lowest point at $221,000 during April 2009, but reached a high of $484,000 in early 2007.

Recent foreclosures dating back one year made up 16.6 percent of existing homes sold during October. This was a decrease from 17.1 percent in October and 32.9 percent a year prior. November’s figure was the lowest monthly rate since foreclosure resales composed just 16.0 percent of the resale market in October 2007. The foreclosure resale peak was 58.5 percent in February 2009.

Short sales, where the sale price falls below what is owed on the property, comprised an estimated 26.3 percent of resold homes during November 2012. This was a decrease of an estimated 27.1 percent during October and an increase of 24.9 percent from November 2011.

The typical mortgage payment agreed to by new home buyers was $1,026, rising from $1,009 during October and $955 in November 2011. After being adjusted for inflation, the typical mortgage payment during November 2012 was 55.2 percent lower than the 1989 peak of the last real estate cycle, and 63.7 percent below the 2006 peak of the existing cycle.

DataQuick monitors real estate activity across the nation and provides insight to industry analysts, consumers, educational institutions, title companies, lending institutions and public agencies.

Market distress indicators continue to shift in various directions. Foreclosure activity continues to be high by past standards, but has been trending downward and remains significantly below peak levels. Multiple mortgage financing is low, down payment sizes are stable, and both cash and non-owner occupied buying remains at elevated levels.