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California Home Sales Gain in May, Prices Climb for a Third Month
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You're Now Reading:
California Home Sales Gain in May, Prices Climb for a Third Month
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
California Home Sales Gain in May, Prices Climb for a Third Month
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Home Buying Tips
Home Selling Tips
About Mortgages
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Mortgage Rates

June 27, 2012 (Shirley Allen)

Monthly sales of new and existing homes in California continued to follow the traditional spring selling pattern, increasing by over nine percent from the previous month, while home prices showed solid gains for a third consecutive month according to real estate information provider DataQuick.

An estimated total of 41,790 new and existing homes and condos were sold in the Golden State in May. That was 9.3 percent higher than the 38,241 homes sold in April and 17.6 percent higher than the 35,536 homes sold in May 2011.

Home sales in the state typically increase about six percent between April and May. Despite being 10.4 percent below the historical average of 46,638 sales for the month, it was still the best showing for the month since 2006.

The median sales price for a home in California increased 2.3 percent to $270,000 from $264,000 in April and was 8.4 percent higher than the median price of $249,000 posted in May of 2011. It was the third consecutive increase in year-over-year prices in the state following 18 months of declines.

The statewide current cycle peak price was $484,000 in early 2007, while the low during the current cycle was $221,000 in May 2009.

Distressed property sales accounted for 46.4 percent of all re-sales in May, down from a revised 48.6 percent in April, with homes that had been foreclosed on in the previous twelve months accounting for 28.3 percent of the existing home sales. That was down from a revised 30.3 percent in April and down from 35.3 percent in May of 2011.

Foreclosure re-sales are about half of what they were since the market peak in February 2009 when foreclosure re-sales accounted for 58.5 percent of the resale market.

Short sales accounted for an estimated 18.1 percent of all re-sales last month, unchanged from April. In May of last year, short sales accounted for 17.6 percent of all existing home sales.

Tags: California, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment

Source:
DataQuick

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

June 27, 2012 (Shirley Allen)

Monthly sales of new and existing homes in California continued to follow the traditional spring selling pattern, increasing by over nine percent from the previous month, while home prices showed solid gains for a third consecutive month according to real estate information provider DataQuick.

An estimated total of 41,790 new and existing homes and condos were sold in the Golden State in May. That was 9.3 percent higher than the 38,241 homes sold in April and 17.6 percent higher than the 35,536 homes sold in May 2011.

Home sales in the state typically increase about six percent between April and May. Despite being 10.4 percent below the historical average of 46,638 sales for the month, it was still the best showing for the month since 2006.

The median sales price for a home in California increased 2.3 percent to $270,000 from $264,000 in April and was 8.4 percent higher than the median price of $249,000 posted in May of 2011. It was the third consecutive increase in year-over-year prices in the state following 18 months of declines.

The statewide current cycle peak price was $484,000 in early 2007, while the low during the current cycle was $221,000 in May 2009.

Distressed property sales accounted for 46.4 percent of all re-sales in May, down from a revised 48.6 percent in April, with homes that had been foreclosed on in the previous twelve months accounting for 28.3 percent of the existing home sales. That was down from a revised 30.3 percent in April and down from 35.3 percent in May of 2011.

Foreclosure re-sales are about half of what they were since the market peak in February 2009 when foreclosure re-sales accounted for 58.5 percent of the resale market.

Short sales accounted for an estimated 18.1 percent of all re-sales last month, unchanged from April. In May of last year, short sales accounted for 17.6 percent of all existing home sales.

Tags: California, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment

Source:
DataQuick

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

June 27, 2012 (Shirley Allen)

Monthly sales of new and existing homes in California continued to follow the traditional spring selling pattern, increasing by over nine percent from the previous month, while home prices showed solid gains for a third consecutive month according to real estate information provider DataQuick.

An estimated total of 41,790 new and existing homes and condos were sold in the Golden State in May. That was 9.3 percent higher than the 38,241 homes sold in April and 17.6 percent higher than the 35,536 homes sold in May 2011.

Home sales in the state typically increase about six percent between April and May. Despite being 10.4 percent below the historical average of 46,638 sales for the month, it was still the best showing for the month since 2006.

The median sales price for a home in California increased 2.3 percent to $270,000 from $264,000 in April and was 8.4 percent higher than the median price of $249,000 posted in May of 2011. It was the third consecutive increase in year-over-year prices in the state following 18 months of declines.

The statewide current cycle peak price was $484,000 in early 2007, while the low during the current cycle was $221,000 in May 2009.

Distressed property sales accounted for 46.4 percent of all re-sales in May, down from a revised 48.6 percent in April, with homes that had been foreclosed on in the previous twelve months accounting for 28.3 percent of the existing home sales. That was down from a revised 30.3 percent in April and down from 35.3 percent in May of 2011.

Foreclosure re-sales are about half of what they were since the market peak in February 2009 when foreclosure re-sales accounted for 58.5 percent of the resale market.

Short sales accounted for an estimated 18.1 percent of all re-sales last month, unchanged from April. In May of last year, short sales accounted for 17.6 percent of all existing home sales.

Tags: California, new and re-sale homes, condos, sales, median home prices, distressed properties, short sales, typical mortgage payment

Source:
DataQuick

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.