California home prices up a record 28.5%, sales tumble 3.5%

welcometocalifornia

The median price paid for a home in California last month was $352,000, skyrocketing by a record 28.5 percent from $274,000 in June 2012.

The state’s June median home price was up 3.5 percent from $340,000 in May, according to San Diego, CA-based DataQuick.

DataQuick said June was the 16th consecutive month in which California home prices rose year-over-year. In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Meanwhile, the Golden State’s June home sales drooped, falling 6.9 percent from May and 3.5 percent from a year ago.

The June statewide sales count includes 42,513 new and resale houses and condos.

California June sales have varied from a low of 35,202 in 2008 to a high of 76,669 in 2004. June’s sales were 16.8 percent below the average of 49,301 sales for all the months of June since 1988, when DataQuick’s statistics begin.

California’s home sale types

 
Of the existing homes sold last month, 10 percent were properties that had been foreclosed on during the past year – the lowest level since foreclosure resales were 9.4 percent of the resale market in August 2007.

Last month’s figure was down from a revised 11.3 percent in May and 24.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales made up an estimated 16 percent of the homes that resold last month. That was down from an estimated 16.8 percent the month before and 24.3 percent a year earlier.

Californian’s mortgage payments

 
The typical mortgage payment that home buyers committed themselves to paying last month was $1,356. That was up from $1,227 in May and up from $1,006 a year earlier.

Adjusted for inflation, last month’s typical payment was 41.2 percent below the 1989 peak of the prior real estate cycle, and 52.4 percent below the 2006 peak of the current cycle.

Indicators of market distress continue to decline in California, according to DataQuick.

Foreclosure activity remains well below year-ago and peak levels reached several years ago. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

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