July 15, 2011 (Shirley Allen)
After a flat May, the home selling season finally arrived in California as sales of new and re-sale homes and condos increased by 9.7 percent from May to June with an estimated 38,975 properties sold according to the real estate experts at DataQuick.
Year-over-year sales were still down 11.3 percent from 43,964 sales in June 2010. Historically, California averages 49,929 sales in the month of June.
The median price for a home in June increased 1.6 percent to $253,000 from May’s median price of $249,000, but is down 6.3 percent from a median price of $270,000 in June of 2010. The statewide current cycle peak price was $484,000 in early 2007.
Distressed properties continued to dominate the California market as 52.6 percent of all re-sales in June were distressed sales with homes that had been foreclosed on in the previous twelve months making up 35.0 percent of the existing home sales in June.
That was up from the 34.1 percent foreclosure sales rate observed in June of last year, but was still down from 35.3 percent observed in the previous month of May 2011.
Short sales decreased to 17.6 percent of re-sales last month compared to 17.9 percent in May and down from 20.0 percent in June of 2010.
Stable home prices and low interest rates helped keep the typical mortgage payment for June virtually unchanged from May at $1027, but significantly lower than the $1,125 payment observed in June 2010. June’s typical mortgage payment is 62.5 percent lower than it was during the current cycle’s peak in June 2006.
“Indicators of market distress continue to move in different directions. Foreclosure activity has declined but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying has eased a bit in recent months but remains relatively high,” DataQuick reported.
Tags: DataQuick, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment