The number of home sales in California increased by 8.8% in August compared to July, and by 10.2% compared to August 2010, and all in all an estimated 37,734 homes were sold throughout the state.
The average number of sales for August is 48,344 according to DataQuick who has been keeping statistics since 1988. Sales reached an all-time low in 1992 with just 29,764 homes being sold and an all-time high of 73,285 in 2005.
The median price for a Californian home was $249,000 in August, a decrease of 1.2% compared to July, and a decrease of 4.2% on August 2010. House prices have decreased for 11 months in a row after 11 months of increases.
The lowest price for this housing cycle was recorded in April 2009 when prices were just $221,000, compared to the peak in early 2007 of $484,000, and property prices are still being affected by the large number of distress sales which accounted for more than 50% of the resale market in August.
Foreclosures accounted for 34.6% of existing house sales last month, down from 35.6% in August 2010. The highest recorded figure for foreclosures was in debris 2009, at 58.5%. Shop sales accounted for 17.8% of resales in August, down from 18% in August 2010.
Homebuyers are also taking out smaller mortgages, as the typical mortgage payment for August was just $982, which is the lowest amount on record, down from $1045 in August 2010. This is a massive 64.4% less than the peak of the current cycle which was reached in June 2006.
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