California Active Home Sales Drop from A Year Ago in September

About 33,176 new and resale houses and condos were purchased statewide last month. In the month of September, California sales have varied from a low to high in 2005.

The average price paid for a home a month ago was $265,000 and climb 1.9% from $260,000 in August and increased 5.6% from $251,000 for September last year. Meanwhile the bottom cycle was in April 2009 with a median of $221,000 and its peak in the early 2007 which was $484,000.

Of the current homes sold last month, about 35.8 % of the properties had been foreclosed on during the past year. The all time high was in 2009 of February at around 58.5%.

The usual mortgage payment that home buyers devoted themselves to paying last month was $1,055. Attuned for inflation, last month’s mortgage payment was 51.1% below the spring 1989 peak of the prior real estate cycle. In June 2006, 60.4% below of the current cycle’s peak.

MDA Data Quick is a branch of MDA Lending Solution that monitors real estate activity nationwide and gives information to consumers, educational institutions, public agencies, title companies and industry analysts and lending institutions.

The gauge of market distress continues to move in a different direction. Foreclosure movement has decreased somehow but remains high by historical standards. Low financing multiple mortgages, stable down payments, cash and non- owner occupied buying increased as MDA DataQuick stated.

Possibly Related:

1. Mortgage rates improve again: 30-year fixed at 60-year deplete
2. 30-Year Mortgage Rates Slightly Catapulted From A 59-Year Low
3. Foreclosure Increase in September