September 19, 2011 (Shirley Allen)
Home sales in California rebounded from an 11.0 percent drop in July to an 8.8 percent gain in August as falling prices and low interest rates combine to give Californians record low monthly payments according real estate information provider DataQuick.
An estimated total of 37,734 new and resale houses and condos were sold in the Golden State in August. That was up from 34,695 sales in July and also up 10.2 percent from August 2010. Historically, California averages 48,344 home sales in the month of August.
The median price for a home in August decreased 1.2 percent to $249,000 from July’s median price of $252,000, and is down 4.2 percent from a median price of $260,000 in August of 2010. The statewide current cycle peak price was $484,000 in early 2007, while the low during the current cycle was $221,000 in April 2009.
Distressed properties continued to dominate the California market as 52.4 percent of all re-sales in August were distressed sales, up from 51.9 percent in July, with homes that had been foreclosed on in the previous twelve months accounting for 34.6 percent of the existing home sales in August.
That was up from 34.5 percent posted in the previous month of July but down from 35.6 posted in August of 2010.
Short sales increased to 17.8 percent of all re-sales last month, up from 17.3 percent in July and down from 18.0 percent in August of 2010.
The typical monthly mortgage payment for home buyers declined by $45 from July to August falling to $982, the lowest payment on record for California since DataQuick began keeping track in 1988.
The payment was also $63 less than the $1,045 payment observed in August 2010. August’s typical mortgage payment is 64.4 percent lower than it was during the current cycle’s peak in June 2006.
Tags: DataQuick, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment