California November Home Sales

California November Home Sales
December 14, 2011

An estimated 32,669 new and resale houses and condos were sold statewide last month. That was down 4.2 percent from 34,087 in October, and up 4.0 percent from 31,403 for November 2010.

The median price paid for a home last month was $244,000, up 1.7 percent from $240,000 in October, and down 4.3 percent from $255,000 for November a year ago.

Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market.

Of the existing homes sold last month, 33.5 percent were properties that had been foreclosed on during the past year. That was down from 34.0 percent in October and down from 37.6 percent in November a year ago. The all-time high for foreclosure resales was in February 2009 at 58.5 percent.

Indicators of market distress continue to move in different directions. Foreclosure activity is high, but not increasing. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is flat at a high level, DataQuick reported.

Source: DataQuick


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